Chemung Financial (NASDAQ:CHMG) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Chemung Financial Corp (NASDAQ:CHMG) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $66.07 and traded as high as $83.66. Chemung Financial shares last traded at $83.17, with a volume of 35,530 shares changing hands.

Analyst Ratings Changes

Several research firms have recently commented on CHMG. Keefe, Bruyette & Woods boosted their price target on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. One equities 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 stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $81.00.

Chemung Financial Trading Up 0.5%

The company has a market cap of $404.58 million, a price-to-earnings ratio of 12.06 and a beta of 0.58. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average is $76.24 and its 200 day moving average is $66.26.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 13.19%. The business had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Research analysts predict that Chemung Financial Corp will post 7.39 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.6%. Chemung Financial’s dividend payout ratio is presently 19.54%.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc purchased a new stake in shares of Chemung Financial in the second quarter valued at approximately $28,000. Tower Research Capital LLC TRC lifted its position in shares of Chemung Financial by 90.8% during the 2nd 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 in the last quarter. Russell Investments Group Ltd. grew its stake in 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 acquiring an additional 412 shares during the period. BNP Paribas Financial Markets grew its stake in Chemung Financial by 108.1% in the 3rd 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 period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after acquiring an additional 330 shares in 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.