Insider Selling: Chemung Financial (NASDAQ:CHMG) Insider Sells $14,899.94 in Stock

Chemung Financial Corp (NASDAQ:CHMG) insider Daniel Fariello sold 242 shares of Chemung Financial stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $61.57, for a total transaction of $14,899.94. Following the sale, the insider owned 7,858 shares in the company, valued at $483,817.06. This represents a 2.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Chemung Financial Stock Up 0.5%

Shares of Chemung Financial stock opened at $64.40 on Friday. Chemung Financial Corp has a 1-year low of $40.71 and a 1-year high of $65.00. The company has a market capitalization of $308.48 million, a PE ratio of 20.51 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 business has a 50-day moving average of $56.73 and a 200-day moving average of $53.57.

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

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders 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 2.1%. The ex-dividend date was Friday, December 19th. Chemung Financial’s dividend payout ratio is 43.31%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Police & Firemen s Retirement System of New Jersey bought a new stake in Chemung Financial in the second quarter valued at $36,000. Tower Research Capital LLC TRC increased its holdings in shares of Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after acquiring an additional 426 shares during the period. Russell Investments Group Ltd. lifted its position in Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after purchasing an additional 563 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in Chemung Financial during the 2nd quarter valued at about $67,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.