Chemung Financial Corp (NASDAQ:CHMG) Short Interest Update

Chemung Financial Corp (NASDAQ:CHMG) was the recipient of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 80,780 shares, a growth of 94.6% from the June 15th total of 41,514 shares. Based on an average trading volume of 50,064 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.9% of the company’s shares are short sold.

Chemung Financial Trading Up 2.5%

Shares of CHMG traded up $1.94 during trading hours on Thursday, hitting $77.94. 28,253 shares of the stock were exchanged, compared to its average volume of 23,823. Chemung Financial has a fifty-two week low of $48.61 and a fifty-two week high of $78.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50-day moving average of $71.08 and a 200-day moving average of $62.58. The firm has a market capitalization of $375.69 million, a P/E ratio of 20.57 and a beta of 0.59.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.28. The business had revenue of $29.90 million for the quarter, compared to analyst estimates of $29.21 million. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. On average, research analysts expect that Chemung Financial will post 6.75 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, June 17th. Chemung Financial’s payout ratio is currently 35.88%.

Analysts Set New Price Targets

Several analysts recently weighed in on CHMG shares. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Zacks Research lowered Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Finally, Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Chemung Financial currently has an average rating of “Hold” and a consensus price target of $64.00.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $65.33, for a total value of $51,480.04. Following the completion of the transaction, the director directly owned 8,050 shares in the company, valued at approximately $525,906.50. This represents a 8.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently added to or reduced their stakes in the business. Rhino Investment Partners Inc increased its holdings in Chemung Financial by 217.8% in the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after purchasing an additional 14,440 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Chemung Financial by 13.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock worth $8,484,000 after buying an additional 18,171 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Chemung Financial by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock worth $9,787,000 after buying an additional 2,172 shares during the period. Hsbc Holdings PLC grew its position in shares of Chemung Financial by 6.1% during the 1st quarter. Hsbc Holdings PLC now owns 19,561 shares of the bank’s stock worth $1,074,000 after buying an additional 1,126 shares during the period. Finally, Invesco Ltd. bought a new stake in shares of Chemung Financial in the 4th quarter valued at $232,000. Institutional investors and hedge funds 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.