Chemung Financial (NASDAQ:CHMG) Stock Passes Above Two Hundred Day Moving Average – Should You Sell?

Chemung Financial Corp (NASDAQ:CHMG) shares passed 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 changing hands.

Analyst Ratings Changes

CHMG has been the topic of several recent research reports. Zacks Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded 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 company. According to MarketBeat, Chemung Financial has a consensus rating of “Hold” and a consensus target price of $64.00.

Chemung Financial Price Performance

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 stock has a market capitalization of $358.27 million, a price-to-earnings ratio of 19.61 and a beta of 0.60. The business’s 50 day simple moving average is $68.20 and its 200-day simple moving average is $60.67.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Friday, April 17th. The bank reported $1.91 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 forecast that Chemung Financial Corp will post 6.75 earnings per share for the current year.

Chemung Financial Announces Dividend

The company 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 dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.8%. The ex-dividend date is Wednesday, June 17th. Chemung Financial’s payout ratio is currently 35.88%.

Insiders Place Their Bets

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the firm’s 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 sale, the director owned 8,050 shares of the company’s stock, valued at approximately $525,906.50. This trade represents a 8.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Institutional investors have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in Chemung Financial by 55.4% in the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock valued at $352,000 after buying an additional 2,638 shares in the last quarter. Empowered Funds LLC raised its stake in Chemung Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock worth $1,137,000 after acquiring an additional 1,616 shares in the last quarter. Jane Street Group LLC acquired a new position in Chemung Financial during the first quarter worth about $255,000. Geode Capital Management LLC lifted its holdings 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 worth $4,521,000 after acquiring an additional 12,917 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Chemung Financial by 27.7% in the second quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock worth $197,000 after acquiring an additional 883 shares during the last quarter. Institutional investors and hedge funds 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.