Chemung Financial (CHMG) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Chemung Financial despite higher revenues, with actual results being crucial for stock price movement [1][2]. Company Summary - Chemung Financial is expected to report quarterly earnings of $1.22 per share, reflecting a year-over-year decrease of 17.6$26.24 million, which is an increase of 10.5% compared to the same quarter last year [3]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for Chemung Financial is +2.46%, suggesting analysts have recently become more optimistic about the company's earnings prospects [10]. - The stock currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [11]. - Historically, Chemung Financial has surpassed consensus EPS estimates three out of the last four quarters, with a recent surprise of +0.81% [12][13]. Industry Context - In the Southeast banking industry, Synovus Financial is expected to report earnings of $1.11 per share, showing a year-over-year increase of 40.5$570.2 million, up 6% from the previous year [17]. - Despite a recent downward revision of 0.7% in EPS estimates, Synovus has an Earnings ESP of -2.23%, making it challenging to predict an earnings beat [18].