Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Chemung Financial Corp (NASDAQ:CHMG) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $49.30 and traded as high as $51.11. Chemung Financial shares last traded at $51.11, with a volume of 4,196 shares traded.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a report on Wednesday, October 8th. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $55.00 to $59.00 and gave the stock a “market perform” rating in a report on Monday, July 21st. Finally, Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, August 29th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $54.50.

Chemung Financial Stock Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a fifty day simple moving average of $52.41 and a 200 day simple moving average of $49.30. The company has a market cap of $244.82 million, a price-to-earnings ratio of 21.84 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Friday, July 25th. The bank reported $1.26 EPS for the quarter. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.The company had revenue of $25.71 million for the quarter. On average, sell-side analysts expect that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.7%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, September 17th. Chemung Financial’s dividend payout ratio is 58.12%.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren D. Cole acquired 2,983 shares of the stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average price of $50.10 per share, for a total transaction of $149,448.30. Following the completion of the purchase, the executive vice president owned 9,331 shares in the company, valued at approximately $467,483.10. The trade was a 46.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey B. Streeter acquired 2,612 shares of the stock in a transaction dated Monday, July 28th. The stock was bought at an average price of $52.60 per share, for a total transaction of $137,391.20. Following the purchase, the director owned 29,202 shares of the company’s stock, valued at $1,536,025.20. The trade was a 9.82% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 17,983 shares of company stock worth $943,358. 12.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of CHMG. Allspring Global Investments Holdings LLC grew its stake in shares of Chemung Financial by 91.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank’s stock worth $432,000 after acquiring an additional 4,345 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Chemung Financial by 46.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank’s stock worth $1,455,000 after acquiring an additional 9,717 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Chemung Financial in the first quarter worth $228,000. American Century Companies Inc. grew its stake in shares of Chemung Financial by 73.9% in the first quarter. American Century Companies Inc. now owns 17,323 shares of the bank’s stock worth $824,000 after acquiring an additional 7,364 shares during the last quarter. Finally, Hsbc Holdings PLC grew its stake in shares of Chemung Financial by 45.7% in the first quarter. Hsbc Holdings PLC now owns 12,493 shares of the bank’s stock worth $586,000 after acquiring an additional 3,921 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 operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.