Chemung Financial Co. (NASDAQ:CHMG) Short Interest Down 11.6% in November

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 12,200 shares, a decrease of 11.6% from the October 31st total of 13,800 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average trading volume of 13,700 shares, the days-to-cover ratio is currently 0.9 days.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

Insider Buying and Selling

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently made changes to their positions in CHMG. Vanguard Group Inc. boosted its holdings in Chemung Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after purchasing an additional 5,649 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after acquiring an additional 2,054 shares during the period. Bright Futures Wealth Management LLC. bought a new position in shares of Chemung Financial in the second quarter worth about $200,000. Finally, Dimensional Fund Advisors LP lifted 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 purchasing an additional 5,584 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Stock Down 0.4 %

Chemung Financial stock traded down $0.23 during mid-day trading on Tuesday, hitting $52.10. The company’s stock had a trading volume of 8,127 shares, compared to its average volume of 14,978. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $52.70. The firm’s 50 day moving average is $48.94 and its 200 day moving average is $46.73. The company has a market cap of $248.00 million, a PE ratio of 11.53 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. On average, analysts anticipate that Chemung Financial will post 4.94 earnings per share for the current year.

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

About Chemung Financial

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.