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1. Company Snapshot

1.a. Company Description

Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services.The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.It also offers commercial and agricultural loans comprising loans to small to mid-sized businesses; commercial mortgage loans; residential mortgage loans; consumer loans, including home equity lines of credit and home equity term loans; and interest rate swaps, letters of credit, wealth management, employee benefit plans, mutual fund, insurance products, and brokerage services.


Further, it provides securities, insurance, and tax preparation services.Additionally, it offers guardian, custodian, and trustee services, as well as acts as an agent for pension, profit-sharing, and other employee benefit trusts; and various investment, pension, estate planning, and employee benefit administrative services.The company operates 31 branch offices located in 13 counties in New York and Bradford County in Pennsylvania.


Chemung Financial Corporation was founded in 1833 and is headquartered in Elmira, New York.

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1.b. Last Insights on CHMG

The recent performance of Chemung Financial Corporation was negatively impacted by a slight decline in net income, from $25.0 million in 2023 to $23.7 million in 2024, translating to a 5.2% decrease. Although the company beat earnings estimates in Q4 2024 with $1.24 per share, this was largely expected as indicated by a recent earnings preview. The company's ability to increase its dividend by 3.2% to $0.32 per share is a positive sign, but the decline in net income due to rising expenses may be a concern for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Chemung Financial Corporation Announces Quarterly Dividend

Nov -18

Source: globenewswire.com

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1,500 Shares in Chemung Financial Corp $CHMG Bought by Atlantic Union Bankshares Corp

Nov -11

Source: defenseworld.net

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Chemung Financial (CHMG) Q3 Earnings and Revenues Lag Estimates

Oct -21

Source: zacks.com

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Chemung Financial Corporation Reports Third Quarter 2025 Net Income of $7.8 million, or $1.62 per share

Oct -21

Source: globenewswire.com

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4 Stocks to Watch That Declared Dividend Hikes Amid Rate-Cut Uncertainty

Aug -21

Source: zacks.com

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3 Banks Stocks With Dividend Hikes in the Past Week to Watch

Aug -20

Source: zacks.com

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Chemung Financial Corporation Announces Dividend Increase

Aug -19

Source: globenewswire.com

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Chemung Financial (CHMG)'s Technical Outlook is Bright After Key Golden Cross

Jul -21

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.60%)

6. Segments

Core Banking

Expected Growth: 3.5%

Core Banking growth of 3.5% driven by strategic branch expansion, increased commercial lending, and digital banking platform enhancements, resulting in higher deposit growth and improved customer acquisition. Additionally, cost savings from operational efficiencies and investments in technology have contributed to the segment's growth.

Wealth Management Group

Expected Growth: 4.5%

Wealth Management Group's 4.5% growth is driven by increasing demand for investment services, strategic partnerships, and expansion into new markets. Additionally, the group's focus on fee-based revenue streams, such as asset management and financial planning, contributes to its growth. Furthermore, the group's ability to attract and retain high-net-worth clients, as well as its investment in digital platforms, also supports its growth momentum.

Holding Company, CFS and CRM

Expected Growth: 3.0%

Chemung Financial Corporation's 3.0% growth is driven by its Holding Company's strategic acquisitions, expanding Commercial and Industrial loan portfolio in its CFS segment, and robust customer relationships fostered through its CRM system, resulting in increased deposits and fee-based income.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses, including cash management, lending, and treasury management services.

Retail Banking

Offers personal banking services, including checking and savings accounts, credit cards, and personal loans.

Mortgage Banking

Provides mortgage lending services to individuals and families, including purchase and refinance loans.

Wealth Management

Offers investment and wealth management services, including financial planning, investment management, and trust services.

Insurance Services

Provides insurance products, including life insurance, disability insurance, and long-term care insurance.

8. Chemung Financial Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Chemung Financial Corporation operates in a highly competitive industry, and customers have various alternatives to choose from. However, the company's strong brand presence and customer loyalty mitigate the threat of substitutes to some extent.

Bargaining Power Of Customers

Chemung Financial Corporation's customers have significant bargaining power due to the availability of alternative financial institutions and online banking services. This forces the company to maintain competitive pricing and services to retain customers.

Bargaining Power Of Suppliers

Chemung Financial Corporation has a diverse supplier base, and no single supplier has significant bargaining power. The company's strong financial position also gives it negotiating power in supplier relationships.

Threat Of New Entrants

While there are barriers to entry in the banking industry, new entrants can still pose a threat to Chemung Financial Corporation. However, the company's established brand and regulatory hurdles make it challenging for new entrants to gain significant market share.

Intensity Of Rivalry

The banking industry is highly competitive, and Chemung Financial Corporation faces intense rivalry from established players and online banking services. The company must continually innovate and improve its services to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.74%
Debt Cost 4.99%
Equity Weight 82.26%
Equity Cost 4.99%
WACC 4.99%
Leverage 21.57%

11. Quality Control: Chemung Financial Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Volatility: 6.3

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Quality: 7.5

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Oriental

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Quality: 7.2

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A-Score: 6.4/10

Value: 5.8

Growth: 5.6

Quality: 5.5

Yield: 6.0

Momentum: 7.5

Volatility: 8.0

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Value: 6.8

Growth: 5.0

Quality: 6.7

Yield: 6.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.24$

Current Price

53.24$

Potential

-0.00%

Expected Cash-Flows