Chemung Financial Corp (NASDAQ:CHMG) Short Interest Down 34.3% in December

Chemung Financial Corp (NASDAQ:CHMG) saw a large drop in short interest in December. As of December 31st, there was short interest totaling 17,627 shares, a drop of 34.3% from the December 15th total of 26,824 shares. Based on an average daily trading volume, of 6,429 shares, the days-to-cover ratio is currently 2.7 days. Approximately 0.4% of the company’s shares are sold short. Approximately 0.4% of the company’s shares are sold short. Based on an average daily trading volume, of 6,429 shares, the days-to-cover ratio is currently 2.7 days.

Wall Street Analyst Weigh In

CHMG has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Zacks Research lowered shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $54.50.

Chemung Financial Stock Down 2.6%

Shares of NASDAQ CHMG traded down $1.49 during trading hours on Friday, hitting $55.24. 5,056 shares of the stock were exchanged, compared to its average volume of 5,658. Chemung Financial has a 12 month low of $40.71 and a 12 month high of $60.80. The firm has a fifty day moving average price of $54.36 and a 200-day moving average price of $52.79. 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 company has a market cap of $264.82 million, a PE ratio of 19.94 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Tuesday, October 21st. The bank reported $1.62 earnings per share for the quarter, missing the consensus estimate of $1.68 by ($0.06). The firm had revenue of $28.78 million during the quarter, compared to analyst estimates of $28.09 million. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. On average, sell-side analysts expect that Chemung Financial 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. The ex-dividend date was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. Chemung Financial’s dividend payout ratio (DPR) is 49.10%.

Insider Transactions at Chemung Financial

In related news, Director Jeffrey B. Streeter bought 2,184 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were acquired at an average cost of $51.92 per share, for a total transaction of $113,393.28. Following the purchase, the director directly owned 32,726 shares of the company’s stock, valued at approximately $1,699,133.92. The trade was a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently modified their holdings of CHMG. Dimensional Fund Advisors LP raised its position in shares of Chemung Financial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 178,338 shares of the bank’s stock valued at $9,366,000 after purchasing an additional 615 shares during the last quarter. Geode Capital Management LLC grew its position 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 purchasing an additional 12,917 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in Chemung Financial by 2.3% during the 3rd 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. Acadian Asset Management LLC raised its holdings 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 during the last quarter. Finally, PL Capital Advisors LLC raised 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 worth $3,105,000 after buying an additional 53,155 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

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.