Chemung Financial Corp (NASDAQ:CHMG – Get Free Report)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $61.37 and traded as high as $76.52. Chemung Financial shares last traded at $76.28, with a volume of 19,279 shares.
Wall Street Analyst Weigh In
CHMG has been the subject of several analyst reports. Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Chemung Financial has a consensus rating of “Hold” and an average target price of $64.00.
Read Our Latest Analysis on CHMG
Chemung Financial Stock Performance
Chemung Financial (NASDAQ:CHMG – Get Free Report) last released its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) 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 12.45%. The company had revenue of $29.90 million for the quarter, compared to the consensus estimate of $29.21 million. As a group, equities analysts expect that Chemung Financial Corp will post 6.75 EPS for the current year.
Chemung Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $1.36 annualized dividend and a yield of 1.8%. Chemung Financial’s dividend payout ratio is presently 35.88%.
Insider Buying and Selling
In other news, Director Thomas R. Tyrrell sold 788 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the sale, the director owned 8,050 shares in the company, valued at $525,906.50. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 12.69% of the company’s stock.
Institutional Trading of Chemung Financial
Hedge funds and other institutional investors have recently bought and sold shares of the business. PL Capital Advisors LLC boosted its stake in Chemung Financial by 84.9% during the 4th 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 during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Chemung Financial by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after buying an additional 2,172 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Chemung Financial by 13.0% during the first quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock valued at $8,484,000 after buying an additional 18,171 shares during the last quarter. 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.
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