Short Interest in Chemung Financial Corp (NASDAQ:CHMG) Increases By 94.6%

Chemung Financial Corp (NASDAQ:CHMG) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 80,780 shares, a growth of 94.6% from the June 15th total of 41,514 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 50,064 shares, the days-to-cover ratio is presently 1.6 days.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Chemung Financial

In other news, Director Thomas R. Tyrrell sold 788 shares of Chemung Financial stock in a transaction that occurred on 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 transaction, the director owned 8,050 shares in the company, 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 SEC, which is accessible through this link. Insiders own 12.69% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Tower Research Capital LLC TRC lifted its position in Chemung Financial by 90.8% during the 2nd 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 during the period. Russell Investments Group Ltd. grew its position in shares of Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Chemung Financial by 16.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after buying an additional 330 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock valued at $129,000 after buying an additional 245 shares during the period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Price Performance

Shares of Chemung Financial stock traded down $1.53 during midday trading on Friday, reaching $76.45. The company had a trading volume of 43,540 shares, compared to its average volume of 24,077. 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 company has a market capitalization of $368.49 million, a price-to-earnings ratio of 20.17 and a beta of 0.59. The stock has a fifty day simple moving average of $71.26 and a 200 day simple moving average of $62.74. Chemung Financial has a 1-year low of $48.61 and a 1-year high of $78.10.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.28. The firm had revenue of $29.90 million for the quarter, compared to the consensus estimate of $29.21 million. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%. As a group, equities research analysts forecast that Chemung Financial will post 6.75 earnings per share for the current year.

Chemung Financial Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.8%. Chemung Financial’s dividend payout ratio (DPR) is currently 35.88%.

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.