Chemung Financial Co. (NASDAQ:CHMG) Short Interest Update

Chemung Financial Co. (NASDAQ:CHMG) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 13,800 shares, an increase of 25.5% from the October 15th total of 11,000 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average trading volume of 13,200 shares, the short-interest ratio is presently 1.0 days.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th.

Chemung Financial Stock Performance

Chemung Financial stock opened at $51.55 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a fifty day moving average of $48.00 and a two-hundred day moving average of $46.07. The company has a market capitalization of $245.38 million, a price-to-earnings ratio of 11.40 and a beta of 0.15. Chemung Financial has a fifty-two week low of $39.00 and a fifty-two week high of $52.59.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. On average, analysts anticipate that Chemung Financial will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, September 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insider Buying and Selling

In related news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bright Futures Wealth Management LLC. purchased a new stake in shares of Chemung Financial in the second quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial in the third quarter valued at $324,000. Barclays PLC grew its position in shares of Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 shares during the period. Bank of New York Mellon Corp grew its position in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares during the period. Finally, Martingale Asset Management L P grew its position in Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares during the period. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank 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.