Chemung Financial Co. (NASDAQ:CHMG) Sees Large Growth in Short Interest

Chemung Financial Co. (NASDAQ:CHMG) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 12,500 shares, an increase of 35.9% from the August 15th total of 9,200 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 13,100 shares, the short-interest ratio is currently 1.0 days.

Chemung Financial Stock Up 0.6 %

NASDAQ CHMG traded up $0.29 on Friday, hitting $46.96. 10,282 shares of the stock traded hands, compared to its average volume of 9,152. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average of $46.56 and a 200 day moving average of $44.07. Chemung Financial has a twelve month low of $38.75 and a twelve month high of $51.36. The company has a market capitalization of $223.53 million, a P/E ratio of 9.00 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.07). The firm had revenue of $36.98 million for the quarter, compared to analyst estimates of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. As a group, analysts expect that Chemung Financial will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Thursday, September 19th. Chemung Financial’s dividend payout ratio is presently 23.75%.

Insider Buying and Selling at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total value of $33,921.60. Following the completion of the sale, the executive vice president now owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chemung Financial

A number of large investors have recently bought and sold shares of CHMG. Vanguard Group Inc. raised its position in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after purchasing an additional 5,649 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the period. Renaissance Technologies LLC grew its position in shares of Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after acquiring an additional 2,054 shares during the period. Finally, Empowered Funds LLC lifted its position in Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after purchasing an additional 1,400 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

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.