Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Chemung Financial Corp (NASDAQ:CHMG) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $49.30 and traded as high as $51.11. Chemung Financial shares last traded at $51.11, with a volume of 4,196 shares trading hands.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $55.00 to $59.00 and gave the company a “market perform” rating in a report on Monday, July 21st. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 29th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Chemung Financial currently has an average rating of “Hold” and an average target price of $54.50.

Chemung Financial Stock Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $244.82 million, a P/E ratio of 21.84 and a beta of 0.38. The company’s 50-day moving average price is $52.41 and its two-hundred day moving average price is $49.30.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, July 25th. The bank reported $1.26 EPS for the quarter. Chemung Financial had a net margin of 8.19% and a return on equity of 10.67%. The company had revenue of $25.71 million during the quarter. As a group, equities analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th were paid a dividend of $0.34 per share. This is a boost from Chemung Financial’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 17th. Chemung Financial’s payout ratio is currently 58.12%.

Insider Transactions at Chemung Financial

In other news, Director Jeffrey B. Streeter acquired 2,612 shares of Chemung Financial stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $52.60 per share, with a total value of $137,391.20. Following the completion of the purchase, the director owned 29,202 shares of the company’s stock, valued at $1,536,025.20. This represents a 9.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Loren D. Cole acquired 2,983 shares of Chemung Financial stock in a transaction on Tuesday, August 5th. The shares were purchased at an average cost of $50.10 per share, with a total value of $149,448.30. Following the completion of the purchase, the executive vice president directly owned 9,331 shares of the company’s stock, valued at approximately $467,483.10. This represents a 46.99% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 17,983 shares of company stock valued at $943,358 over the last ninety days. Insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds have recently made changes to their positions in CHMG. Empower Advisory Group LLC purchased a new stake in shares of Chemung Financial in the second quarter worth approximately $802,000. Fourthstone LLC purchased a new stake in shares of Chemung Financial in the second quarter worth approximately $789,000. Geode Capital Management LLC lifted its position in shares of 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Chemung Financial by 46.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank’s stock worth $1,455,000 after purchasing an additional 9,717 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Chemung Financial in the second quarter worth approximately $441,000. 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.