Chemung Financial (NASDAQ:CHMG) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Chemung Financial Corp (NASDAQ:CHMG)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $51.61 and traded as high as $60.80. Chemung Financial shares last traded at $60.59, with a volume of 9,591 shares changing hands.

Analyst Ratings Changes

CHMG has been the subject of a number of research analyst reports. Zacks Research lowered shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a report on Monday. Finally, Wall Street Zen downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $54.50.

Chemung Financial Trading Down 4.6%

The company’s 50-day moving average is $52.78 and its 200 day moving average is $51.69. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a market cap of $276.91 million, a PE ratio of 20.87 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Friday, July 25th. The bank reported $1.26 EPS for the quarter. The business had revenue of $25.71 million during the quarter. Chemung Financial had a return on equity of 11.28% and a net margin of 9.58%. As a group, sell-side analysts predict that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, December 19th. Chemung Financial’s dividend payout ratio is presently 49.10%.

Insider Buying and Selling at Chemung Financial

In other news, Director Jeffrey B. Streeter acquired 2,184 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were purchased at an average price of $51.92 per share, for a total transaction of $113,393.28. Following the completion of the acquisition, the director owned 32,726 shares of the company’s stock, valued at approximately $1,699,133.92. This represents a 7.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. PL Capital Advisors LLC grew its holdings in shares of Chemung Financial by 890.1% during the 3rd quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock worth $3,105,000 after purchasing an additional 53,155 shares in the last quarter. Empower Advisory Group LLC acquired a new stake in Chemung Financial during the second quarter worth $802,000. Fourthstone LLC bought a new stake in Chemung Financial in the 2nd quarter valued at $789,000. Geode Capital Management LLC raised its stake in shares of Chemung Financial by 16.1% in the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after buying an additional 12,917 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Chemung Financial during the 2nd quarter worth about $441,000. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.