Loren Cole Sells 5,160 Shares of Chemung Financial (NASDAQ:CHMG) Stock

Chemung Financial Corp (NASDAQ:CHMG) EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president owned 5,164 shares in the company, valued at approximately $431,194. This represents a 49.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Chemung Financial Trading Up 0.4%

Shares of CHMG stock opened at $82.97 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Chemung Financial Corp has a twelve month low of $49.82 and a twelve month high of $86.00. The company’s 50-day moving average price is $81.50 and its 200-day moving average price is $70.45. The stock has a market cap of $399.92 million, a price-to-earnings ratio of 11.92 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The firm had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. As a group, equities analysts predict that Chemung Financial Corp will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, September 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s payout ratio is 20.69%.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently made changes to their positions in the stock. Hudock Inc. acquired a new position in Chemung Financial during the second quarter worth $1,634,000. Wellington Management Group LLP acquired a new stake in shares of Chemung Financial in the second quarter valued at $2,347,000. Empowered Funds LLC purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at $2,010,000. Bank of America Corp DE purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at $1,058,000. Finally, Hsbc Holdings PLC acquired a new position in Chemung Financial during the 2nd quarter worth about $1,272,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Raymond James Financial initiated coverage on Chemung Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, August 30th. Finally, Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $84.00.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.