Chemung Financial Corp (CHMG) will raise its quarterly dividend by 19.2 percent to 31 cents per share. This is the first dividend hike since 2013.
The next dividend is payable on July 1, 2021 to common stock shareholders of record as of the close of business on June 17, 2021. The new annual dividend rate of $1.24 per share yields 2.8% at a stock price of $44.48.
Anders M. Tomson, President and CEO stated, “We are pleased that our Company’s strong financial results have allowed us to increase our cash dividend. This continues our long history of paying uninterrupted cash dividends, and we are proud to reward our shareholders with this dividend increase.”
Chemung Financial Corporation is a financial services holding company headquartered in Elmira, New York and operates offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.