Chemung Financial Co. (NASDAQ:CHMG) Sees Significant Decrease in Short Interest

Chemung Financial Co. (NASDAQ:CHMG) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 8,500 shares, a decline of 38.4% from the July 15th total of 13,800 shares. Based on an average daily trading volume, of 11,200 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.2% of the company’s shares are short sold.

Insider Activity at Chemung Financial

In other news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the completion of the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at $174,314.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.04% of the stock is currently owned by company insiders.

Institutional Trading of Chemung Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHMG. Empowered Funds LLC grew its holdings in shares of Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares during the last quarter. Acadian Asset Management LLC increased its position in Chemung Financial by 8.7% during the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after purchasing an additional 2,011 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Chemung Financial by 369.5% during the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after acquiring an additional 5,081 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods cut their target price on Chemung Financial from $51.00 to $49.00 and set a “market perform” rating for the company in a research report on Monday, April 22nd.

Chemung Financial Stock Up 1.4 %

NASDAQ:CHMG traded up $0.60 during trading hours on Thursday, reaching $44.78. The company’s stock had a trading volume of 27,667 shares, compared to its average volume of 8,899. The stock has a 50 day moving average price of $45.53 and a two-hundred day moving average price of $43.78. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 0.86. Chemung Financial has a 12 month low of $38.64 and a 12 month high of $51.36. The company has a market capitalization of $212.79 million, a P/E ratio of 8.58 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.07). The business had revenue of $36.98 million during the quarter, compared to analysts’ expectations of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.53%. Equities analysts predict that Chemung Financial will post 4.81 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a $0.31 dividend. The ex-dividend date of this dividend was Monday, June 17th. This represents a $1.24 annualized dividend and a yield of 2.77%. Chemung Financial’s payout ratio is 23.75%.

Chemung Financial Company Profile

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.