Chemung Financial (NASDAQ:CHMG) Shares Cross Above Two Hundred Day Moving Average – Should You Sell?

Chemung Financial Co. (NASDAQ:CHMG)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $48.43 and traded as high as $51.42. Chemung Financial shares last traded at $50.56, with a volume of 14,016 shares traded.

Wall Street Analysts Forecast Growth

CHMG has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price for the company.

Chemung Financial Stock Performance

The stock has a market capitalization of $240.67 million, a PE ratio of 10.19 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The business’s fifty day moving average price is $49.83 and its 200-day moving average price is $48.43.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, equities research analysts expect that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, December 19th. Chemung Financial’s payout ratio is 25.00%.

Insider Activity at Chemung Financial

In related news, Director Joseph F. Iv Meade bought 592 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were acquired at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares of the company’s stock, valued at $175,594.30. This trade represents a 18.99 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 12.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of Chemung Financial in the fourth quarter worth approximately $4,698,000. Geode Capital Management LLC grew its holdings in shares of Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after purchasing an additional 1,968 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Chemung Financial by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after purchasing an additional 1,033 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Chemung Financial by 117.4% in the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank’s stock worth $956,000 after purchasing an additional 10,584 shares during the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

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.