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

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 13,800 shares, an increase of 25.5% from the October 15th total of 11,000 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily volume of 13,200 shares, the days-to-cover ratio is currently 1.0 days.

Insider Activity at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’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 sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Large investors have recently modified their holdings of the business. Acadian Asset Management LLC raised its stake in shares of Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Chemung Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after buying an additional 1,400 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares during the period. Vanguard Group Inc. grew its holdings in shares of Chemung Financial by 3.1% in 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. Finally, 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 acquiring an additional 397 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Up 0.2 %

CHMG opened at $51.55 on Friday. The business has a 50 day moving average price of $48.00 and a two-hundred day moving average price of $46.07. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The company has a market cap of $245.38 million, a PE ratio of 11.40 and a beta of 0.15. Chemung Financial has a 52 week low of $39.00 and a 52 week high of $52.59.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. As a group, research analysts anticipate that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, September 19th. Chemung Financial’s dividend payout ratio (DPR) is 27.43%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Chemung Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th.

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.