Chemung Financial Co. (NASDAQ:CHMG) EVP Sells $33,921.60 in Stock

Chemung Financial Co. (NASDAQ:CHMG) EVP Thomas W. Wirth sold 764 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total value of $33,921.60. Following the sale, the executive vice president now owns 3,926 shares in the company, valued at $174,314.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Chemung Financial Stock Down 0.5 %

NASDAQ CHMG traded down $0.23 on Tuesday, reaching $44.14. The company had a trading volume of 9,977 shares, compared to its average volume of 8,863. The stock has a market capitalization of $209.67 million, a P/E ratio of 8.50 and a beta of 0.17. The company’s fifty day moving average is $45.37 and its 200 day moving average is $43.98. Chemung Financial Co. has a 52-week low of $38.64 and a 52-week high of $51.36. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.27.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). The business had revenue of $36.98 million during the quarter, compared to the consensus estimate of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.53%. Sell-side analysts anticipate that Chemung Financial Co. will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were paid a $0.31 dividend. The ex-dividend date was Monday, June 17th. This represents a $1.24 dividend on an annualized basis and a yield of 2.81%. Chemung Financial’s dividend payout ratio (DPR) is presently 23.75%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CHMG. Vanguard Group Inc. grew its stake in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after acquiring an additional 5,081 shares during the period. Acadian Asset Management LLC boosted its position in shares of Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after acquiring an additional 2,011 shares during the period. Empowered Funds LLC boosted its position in shares of Chemung Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after acquiring an additional 1,400 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after acquiring an additional 397 shares during the period. Institutional investors own 47.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods dropped their price target on Chemung Financial from $51.00 to $49.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd.

About Chemung Financial

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.