Chemung Financial (NASDAQ:CHMG) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Chemung Financial Corp (NASDAQ:CHMG)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $60.53 and traded as high as $74.19. Chemung Financial shares last traded at $73.60, with a volume of 31,292 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CHMG shares. Zacks Research cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Chemung Financial currently has an average rating of “Hold” and a consensus target price of $64.00.

Chemung Financial Stock Performance

The stock has a market cap of $354.75 million, a price-to-earnings ratio of 19.42 and a beta of 0.60. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $67.89 and a 200 day simple moving average of $60.53.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Friday, April 17th. The bank reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. The company had revenue of $29.90 million for the quarter, compared to the consensus estimate of $29.21 million. As a group, equities research analysts forecast that Chemung Financial Corp will post 6.75 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, June 17th. This represents a $1.36 annualized dividend and a dividend yield of 1.8%. Chemung Financial’s dividend payout ratio is 35.88%.

Insider Activity at Chemung Financial

In other news, Director Thomas R. Tyrrell sold 788 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $65.33, for a total value of $51,480.04. Following the completion of the transaction, the director directly owned 8,050 shares in the company, valued at approximately $525,906.50. This represents a 8.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of Chemung Financial by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Chemung Financial by 13.0% during the first quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock worth $8,484,000 after purchasing an additional 18,171 shares during the last quarter. PL Capital Advisors LLC increased its stake in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after buying an additional 50,209 shares during the period. Geode Capital Management LLC increased its stake in shares of Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after buying an additional 12,917 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in Chemung Financial by 2.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock valued at $4,084,000 after buying an additional 1,771 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.