Chemung Financial (US:CHMG) ZACKSยท2024-10-22 22:35Financial Performance - Chemung Financial reported quarterly earnings of $1.19 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, but down from $1.21 per share a year ago, representing an earnings surprise of 7.21% [1] - The company posted revenues of $24.31 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.28%, but down from $25.83 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $24.5 million, and for the current fiscal year, it is $4.78 on revenues of $95.7 million [4] - The estimate revisions trend for Chemung Financial is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [4] Industry Context - The Banks - Southeast industry, to which Chemung Financial belongs, is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [5] - Another industry peer, Ameris Bancorp, is expected to report quarterly earnings of $1.26 per share, reflecting a year-over-year increase of 8.6%, with revenues projected at $290.6 million, up 7.3% from the previous year [5]