Chemung Financial (NASDAQ:CHMG) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Chemung Financial Corp (NASDAQ:CHMG) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $54.67 and traded as high as $55.15. Chemung Financial shares last traded at $54.49, with a volume of 5,636 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently commented on CHMG shares. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Keefe, Bruyette & Woods increased their target price on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Friday, March 27th. Finally, Zacks Research raised Chemung Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, February 6th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $57.00.

Chemung Financial Stock Up 4.6%

The stock has a 50 day moving average price of $56.77 and a 200-day moving average price of $54.72. The stock has a market capitalization of $281.25 million, a P/E ratio of 18.58 and a beta of 0.45. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Monday, January 26th. The bank reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a return on equity of 11.58% and a net margin of 10.73%.The firm had revenue of $30.52 million for the quarter, compared to analysts’ expectations of $29.48 million. As a group, research analysts expect that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were issued a $0.34 dividend. The ex-dividend date was Wednesday, March 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.3%. Chemung Financial’s dividend payout ratio (DPR) is currently 43.31%.

Insider Activity at Chemung Financial

In other news, insider Daniel D. Fariello sold 748 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total value of $45,725.24. Following the transaction, the insider owned 7,110 shares in the company, valued at approximately $434,634.30. This trade represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Dalrymple sold 2,833 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the completion of the transaction, the director owned 1,351 shares in the company, valued at $76,412.56. This represents a 67.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,823 shares of company stock worth $220,860 in the last 90 days. Company insiders own 12.41% of the company’s stock.

Institutional Trading of Chemung Financial

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of Chemung Financial by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank’s stock worth $10,026,000 after purchasing an additional 1,331 shares during the last quarter. PL Capital Advisors LLC grew its stake in shares of Chemung Financial by 84.9% in the fourth 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 grew its stake 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 during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Chemung Financial by 2.3% in the third 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. Finally, State Street Corp grew its stake in shares of Chemung Financial by 2.1% in the fourth quarter. State Street Corp now owns 58,671 shares of the bank’s stock worth $3,294,000 after purchasing an additional 1,210 shares during the last quarter. 47.50% of the stock is owned by institutional investors.

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.