Chemung Financial (NASDAQ:CHMG) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Chemung Financial Corp (NASDAQ:CHMG)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $59.73 and traded as high as $73.00. Chemung Financial shares last traded at $70.50, with a volume of 20,065 shares.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Finally, Zacks Research lowered Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $64.00.

Chemung Financial Trading Down 2.8%

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a fifty day simple moving average of $66.14 and a 200-day simple moving average of $59.73. The firm has a market cap of $339.81 million, a P/E ratio of 18.60 and a beta of 0.60.

Chemung Financial (NASDAQ:CHMG) last posted its 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 return on equity of 12.45% and a net margin of 12.77%.The company had revenue of $29.90 million for the quarter, compared to analyst estimates of $29.21 million. On average, equities research analysts expect that Chemung Financial Corp will post 6.75 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Wednesday, June 17th. Chemung Financial’s dividend payout ratio (DPR) is currently 35.88%.

Insider Buying and Selling at Chemung Financial

In other news, Director Thomas R. Tyrrell sold 788 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 8,050 shares in the company, valued at $525,906.50. This trade represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CHMG. Tower Research Capital LLC TRC lifted its holdings in shares of Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Chemung Financial by 108.1% in the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after purchasing an additional 563 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Chemung Financial by 50.0% in the third quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock valued at $108,000 after purchasing an additional 688 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after purchasing an additional 330 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.