Chemung Financial Corp. (NASDAQ:CHMG) Sees Significant Decline in Short Interest

Chemung Financial Corp. (NASDAQ:CHMG) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 37,600 shares, a drop of 11.7% from the August 30th total of 42,600 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily volume of 6,200 shares, the short-interest ratio is presently 6.1 days.

Shares of NASDAQ CHMG traded up $0.15 during mid-day trading on Wednesday, reaching $44.27. 40 shares of the company were exchanged, compared to its average volume of 42,246. Chemung Financial has a 52 week low of $36.87 and a 52 week high of $51.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $202.63 million, a PE ratio of 11.45 and a beta of 0.28. The company’s 50 day moving average price is $41.96 and its 200 day moving average price is $45.39.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Chemung Financial had a net margin of 24.94% and a return on equity of 11.97%. The company had revenue of $20.19 million during the quarter, compared to the consensus estimate of $20.59 million. On average, sell-side analysts predict that Chemung Financial will post 3.84 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Monday, September 16th. Chemung Financial’s dividend payout ratio is currently 27.37%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in shares of Chemung Financial by 77.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,815 shares of the bank’s stock worth $88,000 after acquiring an additional 790 shares during the last quarter. Marshall Wace LLP bought a new stake in Chemung Financial in the first quarter worth $185,000. Jacobs Levy Equity Management Inc. bought a new stake in Chemung Financial in the second quarter worth $225,000. Sullivan Bruyette Speros & Blaney LLC lifted its stake in Chemung Financial by 8.0% in the second quarter. Sullivan Bruyette Speros & Blaney LLC now owns 5,807 shares of the bank’s stock worth $281,000 after purchasing an additional 431 shares during the last quarter. Finally, Strs Ohio lifted its stake in Chemung Financial by 7.7% in the second quarter. Strs Ohio now owns 8,400 shares of the bank’s stock worth $406,000 after purchasing an additional 600 shares during the last quarter. 35.94% of the stock is owned by institutional investors.

Several research analysts have commented on CHMG shares. ValuEngine downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a report on Wednesday, July 17th. DA Davidson reissued a “neutral” rating on shares of Chemung Financial in a report on Wednesday, September 11th. Janney Montgomery Scott raised shares of Chemung Financial from a “neutral” rating to a “buy” rating in a report on Tuesday, August 6th. Finally, Zacks Investment Research downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $44.50.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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