Chemung Financial Co. (NASDAQ:CHMG) Short Interest Update

Chemung Financial Co. (NASDAQ:CHMG) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 12,200 shares, a decline of 11.6% from the October 31st total of 13,800 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 13,700 shares, the days-to-cover ratio is currently 0.9 days.

Chemung Financial Trading Up 1.0 %

Shares of NASDAQ CHMG traded up $0.50 during midday trading on Friday, hitting $52.33. The stock had a trading volume of 7,761 shares, compared to its average volume of 15,062. The firm has a market cap of $249.09 million, a P/E ratio of 11.58 and a beta of 0.15. Chemung Financial has a fifty-two week low of $39.00 and a fifty-two week high of $52.70. 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 company’s 50-day simple moving average is $48.86 and its 200 day simple moving average is $46.64.

Chemung Financial (NASDAQ:CHMG) last announced 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. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The firm had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. Research analysts anticipate that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.37%. Chemung Financial’s payout ratio is currently 27.43%.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Insider Transactions at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.04% of the stock is owned by corporate insiders.

Institutional Trading of Chemung Financial

Hedge funds have recently modified their holdings of the company. Bright Futures Wealth Management LLC. acquired a new stake in Chemung Financial in the second quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Chemung Financial during the 3rd quarter worth $324,000. Barclays PLC grew its stake in Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after acquiring an additional 5,788 shares during the period. Bank of New York Mellon Corp increased its holdings 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 worth $558,000 after acquiring an additional 397 shares in the last quarter. Finally, Martingale Asset Management L P raised its position in shares of Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares during the period. 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.