Chemung Financial (NASDAQ:CHMG) Insider Sells $45,725.24 in Stock

Chemung Financial Corp (NASDAQ:CHMG) insider Daniel Fariello sold 748 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total value of $45,725.24. Following the completion of the sale, the insider directly owned 7,110 shares of the company’s stock, valued at $434,634.30. This trade represents a 9.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Chemung Financial Price Performance

Shares of NASDAQ:CHMG opened at $64.40 on Friday. Chemung Financial Corp has a twelve month low of $40.71 and a twelve month high of $65.00. The stock’s 50 day moving average is $56.73 and its 200-day moving average is $53.58. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $308.48 million, a price-to-earnings ratio of 20.51 and a beta of 0.48.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. The business had revenue of $30.52 million during the quarter, compared to analyst estimates of $29.48 million. Sell-side analysts forecast that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 19th were given a $0.34 dividend. The ex-dividend date of this dividend was Friday, December 19th. This represents a $1.36 annualized dividend and a yield of 2.1%. Chemung Financial’s dividend payout ratio (DPR) is presently 43.31%.

Institutional Investors Weigh In On Chemung Financial

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in shares of Chemung Financial by 55.4% in the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after buying an additional 2,638 shares during the last quarter. Empowered Funds LLC raised its position in Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock worth $1,137,000 after acquiring an additional 1,616 shares during the period. Jane Street Group LLC purchased a new position in Chemung Financial in the first quarter valued at about $255,000. JFS Wealth Advisors LLC purchased a new position in Chemung Financial in the second quarter valued at about $88,000. Finally, PL Capital Advisors LLC grew its position in shares of Chemung Financial by 202.8% during the 2nd quarter. PL Capital Advisors LLC now owns 5,972 shares of the bank’s stock valued at $289,000 after acquiring an additional 4,000 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CHMG. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, Zacks Research downgraded shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $57.00.

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.