Chemung Financial (NASDAQ:CHMG) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Chemung Financial Corp (NASDAQ:CHMG)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $54.35 and traded as high as $57.73. Chemung Financial shares last traded at $57.50, with a volume of 5,328 shares changing hands.

Analyst Ratings Changes

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

Chemung Financial Stock Performance

The stock has a market capitalization of $275.43 million, a P/E ratio of 18.31 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. The company’s fifty day simple moving average is $57.72 and its 200 day simple moving average is $54.35.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.01. The company had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. Chemung Financial had a return on equity of 11.80% and a net margin of 10.73%. As a group, sell-side analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.4%. Chemung Financial’s payout ratio is presently 43.31%.

Insider Buying and Selling

In related news, insider Daniel D. Fariello sold 748 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the completion of the transaction, the insider owned 7,110 shares in the company, valued at approximately $434,634.30. This represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. purchased a new stake in Chemung Financial in the fourth quarter worth about $232,000. AQR Capital Management LLC grew its holdings in shares of Chemung Financial by 8.7% during the fourth quarter. AQR Capital Management LLC now owns 18,521 shares of the bank’s stock valued at $1,033,000 after buying an additional 1,486 shares during the last quarter. Trexquant Investment LP increased its holdings in shares of Chemung Financial by 17.2% in the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank’s stock valued at $317,000 after purchasing an additional 833 shares during the period. Captrust Financial Advisors lifted its stake in Chemung Financial by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock valued at $440,000 after acquiring an additional 372 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in Chemung Financial by 18.0% in the fourth quarter. Panagora Asset Management Inc. now owns 15,609 shares of the bank’s stock valued at $871,000 after purchasing an additional 2,384 shares during the last quarter. 47.50% of the stock is currently owned by hedge funds and other 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.