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

Chemung Financial Co. (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 $47.87 and traded as high as $50.53. Chemung Financial shares last traded at $49.40, with a volume of 8,713 shares changing hands.

Wall Street Analyst Weigh In

CHMG has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Piper Sandler initiated coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Chemung Financial Price Performance

The business has a fifty day moving average of $50.79 and a two-hundred day moving average of $47.87. The firm has a market capitalization of $235.09 million, a price-to-earnings ratio of 10.93 and a beta of 0.17. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. As a group, research analysts predict that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.51%. Chemung Financial’s payout ratio is currently 27.43%.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after acquiring an additional 5,584 shares during the period. Geode Capital Management LLC raised its position in Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after purchasing an additional 1,400 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Chemung Financial by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after purchasing an additional 1,072 shares during the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

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.