Chemung Financial (NASDAQ:CHMG) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Chemung Financial Corp (NASDAQ:CHMG)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-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.

Wall Street Analysts Forecast Growth

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

Chemung Financial Stock Performance

The company has a market capitalization of $338.61 million, a PE ratio of 18.54 and a beta of 0.60. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm’s 50-day simple moving average is $66.81 and its 200-day simple moving average is $59.99.

Chemung Financial (NASDAQ:CHMG) last released 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%. On average, research analysts predict that Chemung Financial Corp will post 6.75 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, June 17th. Chemung Financial’s payout ratio is 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 shares were sold at an average price of $65.33, for a total value of $51,480.04. Following the completion of the sale, the director directly owned 8,050 shares of the company’s stock, valued at $525,906.50. The trade was a 8.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its position in shares of Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after purchasing an additional 412 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after purchasing an additional 563 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Chemung Financial by 50.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock worth $108,000 after purchasing an additional 688 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after purchasing an additional 330 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

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.