Chemung Financial Corp (NASDAQ:CHMG) Short Interest Update

Chemung Financial Corp (NASDAQ:CHMG) was the target of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 24,158 shares, a decrease of 15.1% from the March 31st total of 28,471 shares. Based on an average daily trading volume, of 4,850 shares, the short-interest ratio is currently 5.0 days. Approximately 0.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CHMG shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a report on Friday, March 27th. Keefe, Bruyette & Woods increased their target price 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 report on Sunday, April 19th. Finally, Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Chemung Financial has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, insider Daniel D. Fariello sold 748 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 7,110 shares in the company, valued at $434,634.30. This represents a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert H. Dalrymple sold 2,833 shares of the company’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 sale, the director owned 1,351 shares of the company’s stock, valued at approximately $76,412.56. The trade was a 67.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,611 shares of company stock worth $272,340 over the last three months. Company insiders own 12.41% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in shares of Chemung Financial by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank’s stock valued at $10,026,000 after purchasing an additional 1,331 shares in the last quarter. PL Capital Advisors LLC increased its stake in shares of Chemung Financial by 84.9% during the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after purchasing an additional 50,209 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Chemung Financial by 2.3% during the third quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock valued at $4,084,000 after purchasing an additional 1,771 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Chemung Financial by 2.1% during the fourth quarter. State Street Corp now owns 58,671 shares of the bank’s stock valued at $3,294,000 after purchasing an additional 1,210 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Trading Down 0.0%

CHMG stock traded down $0.01 during trading on Friday, reaching $66.40. The company had a trading volume of 30,852 shares, compared to its average volume of 8,394. Chemung Financial has a 52 week low of $43.20 and a 52 week high of $70.83. The company has a market cap of $320.07 million, a P/E ratio of 17.52 and a beta of 0.45. The business has a 50 day moving average of $57.59 and a 200 day moving average of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.68%. The business had revenue of $29.90 million during the quarter, compared to the consensus estimate of $29.21 million. As a group, sell-side analysts forecast that Chemung Financial will post 6.75 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.0%. Chemung Financial’s dividend payout ratio (DPR) is currently 35.88%.

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.