Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Drops By 38.4%

Chemung Financial Co. (NASDAQ:CHMG) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totalling 8,500 shares, a decrease of 38.4% from the July 15th total of 13,800 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily volume of 11,200 shares, the short-interest ratio is presently 0.8 days.

Insiders Place Their Bets

In other news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total transaction of $33,921.60. Following the sale, the executive vice president now directly owns 3,926 shares of the company’s stock, valued at $174,314.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.04% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted its position in shares of Chemung Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after purchasing an additional 1,400 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after buying an additional 2,011 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Chemung Financial by 369.5% during the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after buying an additional 5,081 shares in the last quarter. Dimensional Fund Advisors LP grew its position 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 buying an additional 5,584 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after acquiring an additional 1,400 shares during the period. 47.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped their price target on shares of Chemung Financial from $51.00 to $49.00 and set a “market perform” rating for the company in a research note on Monday, April 22nd.

Chemung Financial Trading Up 1.4 %

CHMG traded up $0.60 during midday trading on Thursday, hitting $44.78. 27,667 shares of the company were exchanged, compared to its average volume of 8,899. The firm’s 50 day moving average price is $45.50 and its 200-day moving average price is $43.77. Chemung Financial has a 1-year low of $38.64 and a 1-year high of $51.36. The firm has a market capitalization of $212.79 million, a P/E ratio of 8.62 and a beta of 0.17. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.27.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). The company had revenue of $36.98 million during the quarter, compared to analyst estimates of $24.08 million. Chemung Financial had a return on equity of 11.53% and a net margin of 16.02%. As a group, equities analysts forecast that Chemung Financial will post 4.81 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $1.24 dividend on an annualized basis and a yield of 2.77%. Chemung Financial’s dividend payout ratio (DPR) is currently 23.75%.

Chemung Financial Company Profile

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.