Chemung Financial Corp (NASDAQ:CHMG) Short Interest Up 24.2% in March

Chemung Financial Corp (NASDAQ:CHMG) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 26,538 shares, an increase of 24.2% from the February 26th total of 21,361 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily volume of 5,988 shares, the short-interest ratio is presently 4.4 days.

Insiders Place Their Bets

In other Chemung Financial news, insider Daniel D. Fariello sold 748 shares of the stock in a transaction dated 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 owned 7,110 shares of the company’s stock, valued at $434,634.30. This trade represents a 9.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Dalrymple sold 2,833 shares of Chemung Financial stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $56.56, for a total value of $160,234.48. Following the completion of the transaction, the director owned 1,351 shares of the company’s stock, valued at $76,412.56. The trade was a 67.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 3,823 shares of company stock valued at $220,860. 12.04% of the stock is currently owned by company insiders.

Institutional Trading of Chemung Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its holdings in shares of Chemung Financial by 34.4% in the 4th quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank’s stock valued at $1,021,000 after purchasing an additional 4,719 shares during the last quarter. Invesco Ltd. purchased a new position in Chemung Financial during the 4th quarter worth approximately $232,000. AQR Capital Management LLC increased its position in Chemung Financial by 8.7% during the fourth quarter. AQR Capital Management LLC now owns 18,521 shares of the bank’s stock worth $1,033,000 after buying an additional 1,486 shares during the period. Trexquant Investment LP increased its position in Chemung Financial by 17.2% during the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank’s stock worth $317,000 after buying an additional 833 shares during the period. Finally, Captrust Financial Advisors lifted its stake in Chemung Financial by 5.0% in the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock valued at $440,000 after buying an additional 372 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Analyst Ratings Changes

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

Chemung Financial Stock Up 3.8%

Chemung Financial stock traded up $2.05 during mid-day trading on Monday, hitting $55.63. The company had a trading volume of 2,836 shares, compared to its average volume of 6,371. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Chemung Financial has a 1 year low of $40.71 and a 1 year high of $65.50. The business has a fifty day moving average of $57.14 and a 200 day moving average of $54.62. The stock has a market cap of $268.16 million, a price-to-earnings ratio of 17.68 and a beta of 0.50.

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, topping the consensus estimate of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. The business had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. On average, sell-side analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, March 18th. Chemung Financial’s dividend payout ratio is currently 43.31%.

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.