Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of Chemung Financial Co. (NASDAQ:CHMG) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.87 and traded as high as $50.53. Chemung Financial shares last traded at $49.40, with a volume of 8,713 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on CHMG. Piper Sandler initiated coverage on shares of Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 price objective on the stock. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Chemung Financial Price Performance

The company’s 50-day simple moving average is $50.79 and its 200 day simple moving average is $47.87. The company has a market capitalization of $235.09 million, a P/E ratio of 10.93 and a beta of 0.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $24.00 million. As a group, sell-side analysts expect that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s payout ratio is 27.43%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after purchasing an additional 6,802 shares during the period. Barclays PLC lifted its holdings in shares of Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares during the last quarter. Geode Capital Management LLC boosted its position 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 period. Martingale Asset Management L P grew its stake in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after acquiring an additional 4,611 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Chemung Financial during the third quarter worth $324,000. 47.50% of the stock is currently owned by institutional investors.

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.