Chemung Financial (NASDAQ:CHMG) Stock Passes Above 200 Day Moving Average – Here’s Why

Chemung Financial Corp (NASDAQ:CHMG) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $53.84 and traded as high as $61.24. Chemung Financial shares last traded at $60.68, with a volume of 8,470 shares.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, February 6th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Keefe, Bruyette & Woods upped their target price on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $57.00.

Chemung Financial Price Performance

The firm has a market cap of $290.66 million, a P/E ratio of 19.32 and a beta of 0.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50-day simple moving average is $57.46 and its two-hundred day simple moving average is $53.84.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.01. The firm had revenue of $30.52 million during the quarter, compared to analysts’ expectations of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. Equities research analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, December 19th. Chemung Financial’s payout ratio is 43.31%.

Insider Buying and Selling at Chemung Financial

In other news, insider Daniel D. Fariello sold 748 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the sale, the insider directly owned 7,110 shares in the company, valued at approximately $434,634.30. This represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.41% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CHMG. Dimensional Fund Advisors LP lifted its position in shares of Chemung Financial by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank’s stock worth $10,026,000 after purchasing an additional 1,331 shares during the last quarter. Cerity Partners LLC purchased a new position in Chemung Financial in the 4th quarter worth about $277,000. Goldman Sachs Group Inc. lifted its holdings in Chemung Financial by 44.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock valued at $2,179,000 after buying an additional 11,981 shares in the last quarter. PL Capital Advisors LLC boosted its position in Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after buying an additional 50,209 shares during the period. Finally, LSV Asset Management grew its stake in Chemung Financial by 7.6% in the 4th quarter. LSV Asset Management now owns 14,421 shares of the bank’s stock worth $805,000 after acquiring an additional 1,021 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.