This story initially appeared on Zacks
Chemung Monetary (CHMG) got here out with quarterly earnings of $1.42 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.19 per share a 12 months in the past. These figures are adjusted for non-recurring objects.
This quarterly report represents an earnings shock of 16.39%. 1 / 4 in the past, it was anticipated that this monetary holding firm would put up earnings of $1.17 per share when it really produced earnings of $1.45, delivering a shock of 23.93%.
Over the past 4 quarters, the corporate has surpassed consensus EPS estimates 4 instances.
Chemung Monetary, which belongs to the Zacks Banks – Southeast trade, posted revenues of $22.8 million for the quarter ended September 2021, surpassing the Zacks Consensus Estimate by 6.38%. This compares to year-ago revenues of $21.21 million. The corporate has topped consensus income estimates 3 times over the past 4 quarters.
The sustainability of the inventory’s fast value motion primarily based on the recently-released numbers and future earnings expectations will principally depend upon administration’s commentary on the earnings name.
Chemung Monetary shares have added about 33.7% because the starting of the 12 months versus the S&P 500’s achieve of 20.8%.
What’s Subsequent for Chemung Monetary?
Whereas Chemung Monetary has outperformed the market to date this 12 months, the query that involves traders’ minds is: what’s subsequent for the inventory?
There aren’t any simple solutions to this key query, however one dependable measure that may assist traders deal with that is the corporate’s earnings outlook. Not solely does this embody present consensus earnings expectations for the approaching quarter(s), but in addition how these expectations have modified these days.
Empirical analysis reveals a powerful correlation between near-term inventory actions and tendencies in earnings estimate revisions. Traders can monitor such revisions by themselves or depend on a tried-and-tested score instrument just like the Zacks Rank, which has a powerful monitor file of harnessing the ability of earnings estimate revisions.
Forward of this earnings launch, the estimate revisions development for Chemung Monetary was combined. Whereas the magnitude and path of estimate revisions may change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Maintain) for the inventory. So, the shares are anticipated to carry out in keeping with the market within the close to future. You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will likely be attention-grabbing to see how estimates for the approaching quarters and present fiscal 12 months change within the days forward. The present consensus EPS estimate is $1.18 on $21.58 million in revenues for the approaching quarter and $5.15 on $86.25 million in revenues for the present fiscal 12 months.
Traders needs to be conscious of the truth that the outlook for the trade can have a cloth affect on the efficiency of the inventory as properly. When it comes to the Zacks Trade Rank, Banks – Southeast is at present within the prime 31% of the 250 plus Zacks industries. Our analysis reveals that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
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