Chemung Financial (NASDAQ:CHMG) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Chemung Financial Corp (NASDAQ:CHMG)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $61.37 and traded as high as $76.52. Chemung Financial shares last traded at $76.28, with a volume of 19,279 shares changing hands.

Analyst Upgrades and Downgrades

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

Chemung Financial Stock Performance

The company has a market cap of $367.67 million, a price-to-earnings ratio of 20.13 and a beta of 0.59. The stock’s fifty day simple moving average is $69.53 and its two-hundred day simple moving average is $61.37. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.02 and a current ratio of 1.02.

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

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.8%. Chemung Financial’s dividend payout ratio (DPR) is presently 35.88%.

Insider Transactions at Chemung Financial

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

Hedge Funds Weigh In On Chemung Financial

A number of large investors have recently modified their holdings of the company. PL Capital Advisors LLC lifted its stake in shares of Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after purchasing an additional 50,209 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Chemung Financial by 13.0% during the 1st 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 in the last quarter. Rhino Investment Partners Inc increased its position in Chemung Financial by 217.8% during the 1st quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after purchasing an additional 14,440 shares in the last quarter. Geode Capital Management LLC increased its position in Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Chemung Financial by 44.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock valued at $2,179,000 after buying an additional 11,981 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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.