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

Chemung Financial Corp (NASDAQ:CHMG)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $51.99 and traded as high as $55.58. Chemung Financial shares last traded at $55.25, with a volume of 2,039 shares trading hands.

Wall Street Analysts Forecast Growth

CHMG has been the subject of several research reports. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research cut shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 22nd. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $54.50.

Chemung Financial Stock Performance

The business’s fifty day moving average price is $53.22 and its 200-day moving average price is $52.02. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $264.65 million, a PE ratio of 19.95 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. The business had revenue of $25.71 million for the quarter. As a group, equities research analysts expect that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 19th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is 49.10%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Jeffrey B. Streeter bought 2,184 shares of Chemung Financial stock in a transaction that occurred on Wednesday, October 29th. The stock was acquired at an average cost of $51.92 per share, for a total transaction of $113,393.28. Following the completion of the transaction, the director directly owned 32,726 shares in the company, valued at $1,699,133.92. This represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 12.41% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after purchasing an additional 330 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Chemung Financial by 0.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after buying an additional 350 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after buying an additional 426 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Chemung Financial by 3.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 12,758 shares of the bank’s stock worth $670,000 after acquiring an additional 441 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.