Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 25.5% in October

Chemung Financial Co. (NASDAQ:CHMG) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 13,800 shares, an increase of 25.5% from the October 15th total of 11,000 shares. Based on an average trading volume of 13,200 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.4% of the company’s shares are sold short.

Insider Buying and Selling

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 12.04% of the stock is owned by corporate insiders.

Institutional Trading of Chemung Financial

Several large investors have recently bought and sold shares of CHMG. Bank of New York Mellon Corp raised its position in shares of Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after acquiring an additional 397 shares in the last quarter. Empowered Funds LLC raised its holdings in Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after purchasing an additional 1,072 shares in the last quarter. Renaissance Technologies LLC lifted its position in Chemung Financial by 4.3% during the second 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. Geode Capital Management LLC boosted its holdings in shares of Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Chemung Financial by 8.7% in the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after buying an additional 2,011 shares during the period. 47.50% of the stock is owned by institutional investors.

Chemung Financial Trading Up 0.2 %

Shares of CHMG traded up $0.10 during mid-day trading on Friday, hitting $51.55. 12,822 shares of the company’s stock traded hands, compared to its average volume of 13,693. The business’s 50-day moving average price is $48.00 and its 200-day moving average price is $46.07. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $52.59. The firm has a market capitalization of $245.38 million, a P/E ratio of 11.40 and a beta of 0.15. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. As a group, sell-side analysts forecast that Chemung Financial will post 4.94 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Thursday, September 19th. Chemung Financial’s payout ratio is currently 27.43%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th.

About Chemung Financial

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.