Chemung Financial (NASDAQ:CHMG) Insider Daniel Fariello Sells 748 Shares

Chemung Financial Corp (NASDAQ:CHMG) insider Daniel Fariello sold 748 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the sale, the insider owned 7,110 shares of the company’s stock, valued at approximately $434,634.30. The trade was a 9.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded up $1.90 during trading on Thursday, reaching $63.00. 13,900 shares of the company’s stock traded hands, compared to its average volume of 6,295. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $63.02. The company has a 50 day moving average of $56.25 and a 200-day moving average of $53.42. The stock has a market capitalization of $302.00 million, a P/E ratio of 20.06 and a beta of 0.48.

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

Chemung Financial Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CHMG shares. Zacks Research lowered shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $57.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CHMG. AQR Capital Management LLC lifted its holdings in Chemung Financial by 55.4% in the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock valued at $352,000 after acquiring an additional 2,638 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Chemung Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock worth $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Jane Street Group LLC acquired a new stake in Chemung Financial during the first quarter valued at approximately $255,000. JFS Wealth Advisors LLC bought a new stake in Chemung Financial during the second quarter worth approximately $88,000. Finally, PL Capital Advisors LLC grew its position in Chemung Financial by 202.8% in the second quarter. PL Capital Advisors LLC now owns 5,972 shares of the bank’s stock worth $289,000 after buying an additional 4,000 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.