Chemung Financial (NASDAQ:CHMG) Insider Sells $14,899.94 in Stock

Chemung Financial Corp (NASDAQ:CHMG) insider Daniel Fariello sold 242 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $61.57, for a total transaction of $14,899.94. Following the sale, the insider owned 7,858 shares of the company’s stock, valued at $483,817.06. This trade represents a 2.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Chemung Financial Stock Up 1.6%

CHMG stock traded up $0.96 during trading on Wednesday, reaching $62.06. The stock had a trading volume of 963 shares, compared to its average volume of 6,682. Chemung Financial Corp has a one year low of $40.71 and a one year high of $62.69. The company’s 50 day moving average is $56.04 and its two-hundred day moving average is $53.35. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $297.28 million, a price-to-earnings ratio of 19.69 and a beta of 0.48.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. The firm had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. Equities research analysts forecast that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 19th were given a $0.34 dividend. The ex-dividend date was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a yield of 2.2%. Chemung Financial’s payout ratio is presently 43.31%.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Chemung Financial in the second quarter valued at approximately $36,000. Tower Research Capital LLC TRC lifted its stake in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares during the last quarter. Russell Investments Group Ltd. boosted 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 valued at $48,000 after buying an additional 412 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Chemung Financial by 108.1% in the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after acquiring an additional 563 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Chemung Financial during the second quarter worth about $67,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CHMG shares. Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Zacks Research cut Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $57.00.

About Chemung Financial

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.