Chemung Financial Co. (NASDAQ:CHMG) Short Interest Update

Chemung Financial Co. (NASDAQ:CHMG) saw a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 14,200 shares, a growth of 35.2% from the January 31st total of 10,500 shares. Based on an average daily trading volume, of 13,400 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.4% of the shares of the company are sold short.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG traded down $0.16 during mid-day trading on Wednesday, hitting $50.29. The company had a trading volume of 5,829 shares, compared to its average volume of 11,333. The stock’s 50-day moving average price is $49.27 and its 200-day moving average price is $49.10. The company has a market capitalization of $239.31 million, a price-to-earnings ratio of 10.14 and a beta of 0.19. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating 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%. On average, sell-side analysts forecast that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be paid a $0.32 dividend. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Tuesday, March 18th. Chemung Financial’s dividend payout ratio is currently 25.81%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CHMG shares. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling

In related news, Director Joseph F. Iv Meade purchased 592 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the purchase, the director now directly owns 3,710 shares in the company, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.04% of the stock is owned by insiders.

Institutional Trading of Chemung Financial

Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its stake in Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock valued at $83,000 after acquiring an additional 869 shares during the last quarter. PL Capital Advisors LLC bought a new position in Chemung Financial during the fourth quarter valued at approximately $96,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Chemung Financial during the fourth quarter worth approximately $231,000. Wells Fargo & Company MN lifted its holdings in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock worth $268,000 after acquiring an additional 416 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial in the 3rd quarter valued at $324,000. Institutional investors own 47.50% of the company’s stock.

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.