Chemung Financial Corp (NASDAQ:CHMG) Sees Large Decrease in Short Interest

Chemung Financial Corp (NASDAQ:CHMG) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totaling 24,158 shares, a decrease of 15.1% from the March 31st total of 28,471 shares. Based on an average daily volume of 4,850 shares, the short-interest ratio is currently 5.0 days. Currently, 0.6% of the shares of the stock are sold short.

Insider Activity at Chemung Financial

In other Chemung Financial news, insider Daniel D. Fariello sold 748 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total transaction of $45,725.24. Following the completion of the sale, the insider directly owned 7,110 shares in the company, valued at approximately $434,634.30. The trade was a 9.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Dalrymple sold 2,833 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $56.56, for a total value of $160,234.48. Following the transaction, the director directly owned 1,351 shares of the company’s stock, valued at $76,412.56. The trade was a 67.71% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,611 shares of company stock valued at $272,340. 12.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after buying an additional 563 shares during the period. CWM LLC grew its stake in shares of Chemung Financial by 168.1% in the 3rd quarter. CWM LLC now owns 1,630 shares of the bank’s stock valued at $86,000 after buying an additional 1,022 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Chemung Financial by 50.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock worth $108,000 after buying an additional 688 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Price Performance

Shares of Chemung Financial stock traded down $0.32 on Friday, hitting $66.09. 33,165 shares of the company were exchanged, compared to its average volume of 11,368. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $57.59 and a 200 day moving average price of $55.95. The stock has a market capitalization of $318.49 million, a price-to-earnings ratio of 17.44 and a beta of 0.45. Chemung Financial has a 1-year low of $43.20 and a 1-year high of $70.83.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Friday, April 17th. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.63 by $0.28. The firm had revenue of $29.90 million during the quarter, compared to analysts’ expectations of $29.21 million. Chemung Financial had a return on equity of 12.68% and a net margin of 12.77%. As a group, sell-side analysts predict that Chemung Financial will post 6.75 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, March 18th. Chemung Financial’s payout ratio is currently 35.88%.

Analyst Ratings Changes

Several analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research report on Friday, March 27th. Keefe, Bruyette & Woods raised their price objective on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. Finally, Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.