Chemung Financial (NASDAQ:CHMG) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Chemung Financial Corp (NASDAQ:CHMG) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $58.73 and traded as high as $70.00. Chemung Financial shares last traded at $69.77, with a volume of 54,174 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on CHMG shares. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Finally, Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $64.00.

Chemung Financial Price Performance

The business has a 50 day moving average of $64.02 and a 200 day moving average of $58.81. The company has a market cap of $342.36 million, a PE ratio of 18.74 and a beta of 0.60. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Friday, April 17th. The bank reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.28. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%.The company had revenue of $29.90 million during the quarter, compared to analyst estimates of $29.21 million. As a group, research analysts predict that Chemung Financial Corp will post 6.75 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $1.36 annualized dividend and a yield of 1.9%. Chemung Financial’s dividend payout ratio (DPR) is currently 35.88%.

Insider Buying and Selling

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the firm’s stock in a transaction 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 transaction, the director owned 8,050 shares of the company’s stock, valued at approximately $525,906.50. This trade represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Chemung Financial by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock worth $9,787,000 after purchasing an additional 2,172 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Chemung Financial by 13.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock worth $8,484,000 after purchasing an additional 18,171 shares during the last quarter. PL Capital Advisors LLC raised its position in shares of Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after purchasing an additional 50,209 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Chemung Financial by 16.1% in the 2nd 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 last quarter. Finally, Bridgeway Capital Management LLC raised its position in shares of Chemung Financial by 2.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock worth $4,084,000 after purchasing an additional 1,771 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.