Insider Selling: Chemung Financial (NASDAQ:CHMG) Director Sells $160,234.48 in Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Robert Dalrymple sold 2,833 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the transaction, the director directly owned 1,351 shares of the company’s stock, valued at $76,412.56. The trade was a 67.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Chemung Financial Stock Down 4.4%

Shares of NASDAQ:CHMG opened at $55.52 on Friday. Chemung Financial Corp has a fifty-two week low of $40.71 and a fifty-two week high of $65.50. The firm’s 50 day moving average price is $57.62 and its 200 day moving average price is $54.43. 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 stock has a market cap of $265.94 million, a price-to-earnings ratio of 17.68 and a beta of 0.48.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data 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 business had revenue of $30.52 million for the quarter, compared to analyst estimates of $29.48 million. As a group, equities research analysts predict that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, March 18th. Chemung Financial’s dividend payout ratio is currently 43.31%.

Analyst Ratings Changes

Several research analysts have commented on CHMG shares. Zacks Research raised Chemung Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, February 6th. Keefe, Bruyette & Woods lifted their target price on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $57.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Chemung Financial during the 2nd quarter worth about $36,000. Tower Research Capital LLC TRC lifted its stake in shares of Chemung Financial by 90.8% during the second 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 during the period. Russell Investments Group Ltd. boosted its position in Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after acquiring an additional 412 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after acquiring an additional 563 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $67,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

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.