Chemung Financial Corp (NASDAQ:CHMG – Get Free Report) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 80,780 shares, an increase of 94.6% from the June 15th total of 41,514 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 50,064 shares, the short-interest ratio is presently 1.6 days.
Analysts Set New Price Targets
Several brokerages have commented on CHMG. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Finally, Zacks Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.00.
Read Our Latest Stock Analysis on CHMG
Insider Activity at Chemung Financial
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC lifted its stake in shares of Chemung Financial by 84.9% during the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Chemung Financial by 13.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock valued at $8,484,000 after acquiring an additional 18,171 shares during the last quarter. Rhino Investment Partners Inc increased its stake in Chemung Financial by 217.8% in the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after purchasing an additional 14,440 shares during the period. Geode Capital Management LLC increased its stake in Chemung Financial by 16.1% in the second 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 period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Chemung Financial by 44.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock worth $2,179,000 after purchasing an additional 11,981 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.
Chemung Financial Stock Down 2.6%
Shares of NASDAQ CHMG opened at $75.95 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. Chemung Financial has a 12-month low of $48.61 and a 12-month high of $78.10. The firm’s 50-day moving average price is $71.42 and its 200-day moving average price is $62.83. The stock has a market capitalization of $366.08 million, a price-to-earnings ratio of 20.04 and a beta of 0.59.
Chemung Financial (NASDAQ:CHMG – Get Free Report) last released its quarterly earnings results on Friday, April 17th. The bank reported $1.91 EPS for the quarter, topping the consensus estimate of $1.63 by $0.28. The company had revenue of $29.90 million during the quarter, compared to analyst estimates of $29.21 million. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%. On average, equities research analysts anticipate that Chemung Financial will post 6.75 EPS for the current fiscal year.
Chemung Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were given a $0.34 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.8%. 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.
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