Chemung Financial Co. (NASDAQ:CHMG) Sees Large Decline in Short Interest

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Chemung Financial

In related 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 value of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.04% of the stock is owned by insiders.

Institutional Trading of Chemung Financial

Several large investors have recently made changes to their positions in CHMG. Bright Futures Wealth Management LLC. bought a new position in Chemung Financial in the second quarter valued at about $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial in the 3rd quarter valued at about $324,000. Barclays PLC grew its position in shares of Chemung Financial by 167.9% during the 3rd 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 period. Bank of New York Mellon Corp raised its stake in shares of Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after buying an additional 397 shares during the last quarter. Finally, Martingale Asset Management L P lifted its holdings in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares during the period. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Price Performance

Chemung Financial stock traded down $0.23 during mid-day trading on Tuesday, hitting $52.10. 8,127 shares of the company were exchanged, compared to its average volume of 14,978. The company has a market capitalization of $248.00 million, a PE ratio of 11.53 and a beta of 0.17. The business has a fifty day moving average of $48.94 and a 200 day moving average of $46.73. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $52.70. 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 announced 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 analysts’ expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. As a group, sell-side analysts expect that Chemung Financial will post 4.94 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a dividend of $0.31 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.38%. Chemung Financial’s dividend payout ratio is 27.43%.

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.