Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 35.2% in February

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 14,200 shares, a growth of 35.2% from the January 31st total of 10,500 shares. Based on an average trading volume of 13,400 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.4% of the company’s shares are short sold.

Chemung Financial Trading Down 1.6 %

Shares of CHMG stock opened at $50.80 on Tuesday. Chemung Financial has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day simple moving average of $49.25 and a two-hundred day simple moving average of $49.06. The company has a market cap of $241.76 million, a P/E ratio of 10.24 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Research analysts forecast that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Tuesday, March 18th. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s dividend payout ratio is 25.81%.

Insider Buying and Selling at Chemung Financial

In related news, Director Joseph F. Iv Meade purchased 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The shares were purchased at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the transaction, the director now owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. This represents a 18.99 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its position in Chemung Financial by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after acquiring an additional 1,072 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial in the third quarter valued at approximately $324,000. Martingale Asset Management L P boosted its position in shares of Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares during the last quarter. Barclays PLC grew its holdings in Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in 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 acquiring an additional 1,968 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several analyst reports. Piper Sandler started coverage on Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price on the stock. StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

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.