Chemung Financial (NASDAQ:CHMG) Stock Crosses Above 200-Day Moving Average – Should You Sell?

Shares of Chemung Financial Corp (NASDAQ:CHMG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.76 and traded as high as $50.00. Chemung Financial shares last traded at $48.62, with a volume of 103,810 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their target price on shares of Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 22nd.

Chemung Financial Stock Performance

The stock has a market cap of $232.89 million, a PE ratio of 10.26 and a beta of 0.37. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average price of $46.54 and a 200 day moving average price of $47.71.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. The business had revenue of $25.71 million for the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. As a group, research analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.63%. The ex-dividend date is Tuesday, June 17th. Chemung Financial’s payout ratio is 27.00%.

Hedge Funds Weigh In On Chemung Financial

Institutional investors have recently bought and sold shares of the business. Modern Wealth Management LLC purchased a new position in shares of Chemung Financial in the 1st quarter valued at $290,000. Acadian Asset Management LLC grew its stake in Chemung Financial by 3.6% in the first quarter. Acadian Asset Management LLC now owns 72,597 shares of the bank’s stock valued at $3,450,000 after purchasing an additional 2,541 shares during the last quarter. Jane Street Group LLC purchased a new position in Chemung Financial in the first quarter valued at about $255,000. Empowered Funds LLC grew its stake in Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 1,616 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Chemung Financial by 55.4% in the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock valued at $352,000 after purchasing an additional 2,638 shares during the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.