Chemung Financial (NASDAQ:CHMG) Shares Pass Above 200-Day Moving Average – Time to Sell?

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 $53.84 and traded as high as $61.24. Chemung Financial shares last traded at $60.68, with a volume of 8,470 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CHMG shares. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Finally, Zacks Research upgraded shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, February 6th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $57.00.

Chemung Financial Trading Up 0.7%

The stock has a 50 day moving average of $57.46 and a 200-day moving average of $53.84. The company has a market capitalization of $290.66 million, a P/E ratio of 19.32 and a beta of 0.48. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.01. The business had revenue of $30.52 million for the quarter, compared to the consensus estimate of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. On average, research analysts predict that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, December 19th. Chemung Financial’s dividend payout ratio is presently 43.31%.

Insider Buying and Selling

In other news, insider Daniel D. Fariello sold 748 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the completion of the transaction, the insider owned 7,110 shares of the company’s stock, valued at $434,634.30. This represents a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. PL Capital Advisors LLC boosted 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 valued at $3,105,000 after purchasing an additional 53,155 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Chemung Financial in the second quarter worth about $73,000. Acadian Asset Management LLC lifted its position in shares of Chemung Financial by 1.7% in the second quarter. Acadian Asset Management LLC now owns 73,848 shares of the bank’s stock worth $3,575,000 after buying an additional 1,251 shares in the last quarter. Empower Advisory Group LLC bought a new position in Chemung Financial during the second quarter valued at approximately $802,000. Finally, PNC Financial Services Group Inc. bought a new position in Chemung Financial during the second quarter valued at approximately $67,000. 47.50% of the stock is currently owned by institutional investors.

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.