Chemung Financial Corp (NASDAQ:CHMG) Short Interest Up 24.2% in March

Chemung Financial Corp (NASDAQ:CHMG) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 26,538 shares, an increase of 24.2% from the February 26th total of 21,361 shares. Currently, 0.6% of the company’s shares are sold short. Based on an average daily trading volume, of 5,988 shares, the days-to-cover ratio is currently 4.4 days.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, insider Daniel D. Fariello sold 748 shares of the firm’s stock in a transaction on 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Dalrymple sold 2,833 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $56.56, for a total transaction of $160,234.48. Following the transaction, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. The trade was a 67.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,823 shares of company stock valued at $220,860. 12.04% of the stock is owned by company insiders.

Institutional Trading of Chemung Financial

Hedge funds have recently made changes to their positions in the business. PL Capital Advisors LLC grew its holdings in shares of Chemung Financial by 890.1% in the third 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 in the last quarter. Fourthstone LLC purchased a new stake in Chemung Financial during the 2nd quarter worth approximately $789,000. Geode Capital Management LLC lifted its holdings in Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after buying an additional 12,917 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Chemung Financial by 44.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock valued at $2,179,000 after buying an additional 11,981 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Chemung Financial in the second quarter worth $441,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Trading Up 3.8%

Shares of CHMG traded up $2.05 during trading on Monday, reaching $55.63. 2,836 shares of the company traded hands, compared to its average volume of 6,371. The stock has a 50-day simple moving average of $57.14 and a 200-day simple moving average of $54.62. The stock has a market cap of $268.16 million, a PE ratio of 17.68 and a beta of 0.50. Chemung Financial has a twelve month low of $40.71 and a twelve month high of $65.50. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data 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. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. The firm had revenue of $30.52 million during the quarter, compared to analysts’ expectations of $29.48 million. On average, analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

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

Analysts Set New Price Targets

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