Chemung Financial (NASDAQ:CHMG) Director Robert Dalrymple Sells 2,833 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Robert Dalrymple sold 2,833 shares of Chemung Financial stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the sale, the director owned 1,351 shares in the company, valued at $76,412.56. The trade was a 67.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Chemung Financial Price Performance

CHMG opened at $58.05 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.98. Chemung Financial Corp has a fifty-two week low of $40.71 and a fifty-two week high of $65.50. The firm has a market cap of $278.29 million, a P/E ratio of 18.49 and a beta of 0.48. The firm has a 50-day moving average of $57.67 and a 200 day moving average of $54.37.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. The company had revenue of $30.52 million during the quarter, compared to analyst estimates of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. On average, research analysts expect that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Wednesday, March 18th. Chemung Financial’s dividend payout ratio is currently 43.31%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CHMG. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Zacks Research upgraded shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $57.00.

Institutional Trading of Chemung Financial

A number of hedge funds have recently modified their holdings of the business. PL Capital Advisors LLC boosted its position in shares of Chemung Financial by 890.1% in the 3rd quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock worth $3,105,000 after purchasing an additional 53,155 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Chemung Financial in the second quarter worth $73,000. Acadian Asset Management LLC boosted its holdings in Chemung Financial by 1.7% in the second quarter. Acadian Asset Management LLC now owns 73,848 shares of the bank’s stock worth $3,575,000 after acquiring an additional 1,251 shares in the last quarter. Empower Advisory Group LLC purchased a new stake in shares of Chemung Financial in the second quarter worth $802,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Chemung Financial during the second quarter valued at $67,000. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.