Chemung Financial (NASDAQ:CHMG) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Chemung Financial Co. (NASDAQ:CHMG) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $47.28 and traded as high as $55.00. Chemung Financial shares last traded at $54.53, with a volume of 8,599 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on CHMG. Keefe, Bruyette & Woods upped their price target on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Chemung Financial Stock Down 0.9 %

The firm has a 50 day moving average of $50.00 and a 200-day moving average of $47.28. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $259.51 million, a P/E ratio of 12.06 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. On average, equities research analysts expect that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s payout ratio is 27.43%.

Insider Activity

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares in the company, valued at $244,322.91. This trade represents a 17.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares during the last quarter. Empowered Funds LLC grew its stake in Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after buying an additional 1,072 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after buying an additional 1,400 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after acquiring an additional 1,968 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after acquiring an additional 2,054 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.