Short Interest in Chemung Financial Corp (NASDAQ:CHMG) Drops By 34.3%

Chemung Financial Corp (NASDAQ:CHMG) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totaling 17,627 shares, a decrease of 34.3% from the December 15th total of 26,824 shares. Based on an average daily volume of 6,429 shares, the days-to-cover ratio is presently 2.7 days. Currently, 0.4% of the shares of the stock are sold short. Currently, 0.4% of the shares of the stock are sold short. Based on an average daily volume of 6,429 shares, the days-to-cover ratio is presently 2.7 days.

Chemung Financial Price Performance

Shares of CHMG traded down $0.31 during midday trading on Friday, reaching $56.42. The stock had a trading volume of 1,504 shares, compared to its average volume of 6,035. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $270.25 million, a price-to-earnings ratio of 20.37 and a beta of 0.49. The company’s 50-day moving average is $54.27 and its 200 day moving average is $52.73. Chemung Financial has a 12-month low of $40.71 and a 12-month high of $60.80.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.06). The firm had revenue of $28.78 million for the quarter, compared to analysts’ expectations of $28.09 million. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. On average, equities analysts predict that Chemung Financial will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 2.4%. Chemung Financial’s dividend payout ratio (DPR) is currently 49.10%.

Insider Buying and Selling

In other news, Director Jeffrey B. Streeter purchased 2,184 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was purchased at an average cost of $51.92 per share, with a total value of $113,393.28. Following the acquisition, the director directly owned 32,726 shares in the company, valued at approximately $1,699,133.92. This trade represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.41% of the stock is currently owned by insiders.

Institutional Trading of Chemung Financial

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in shares of Chemung Financial by 55.4% during the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock valued at $352,000 after buying an additional 2,638 shares during the last quarter. Empowered Funds LLC boosted its holdings in Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after acquiring an additional 1,616 shares during the period. Jane Street Group LLC bought a new position in Chemung Financial during the 1st quarter worth approximately $255,000. JFS Wealth Advisors LLC bought a new position in Chemung Financial during the 2nd quarter worth approximately $88,000. Finally, PL Capital Advisors LLC increased its stake in Chemung Financial by 202.8% in the 2nd quarter. PL Capital Advisors LLC now owns 5,972 shares of the bank’s stock worth $289,000 after purchasing an additional 4,000 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CHMG. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Finally, Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Chemung Financial presently has a consensus rating of “Reduce” and a consensus price target of $54.50.

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.