Chemung Financial (NASDAQ:CHMG) Stock Breaks Above 200 Day Moving Average – Here’s What Happened

Chemung Financial Corp (NASDAQ:CHMG)’s stock price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $74.77 and traded as high as $81.21. Chemung Financial shares last traded at $81.21, with a volume of 59,700 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CHMG. Zacks Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Finally, DA Davidson began coverage on shares of Chemung Financial in a research note on Monday, September 28th. They issued a “buy” rating and a $95.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.75.

Chemung Financial Stock Performance

The company has a market cap of $401.17 million, a PE ratio of 11.96 and a beta of 0.58. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $82.23 and a 200-day moving average of $75.18.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Thursday, October 22nd. The bank reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. As a group, analysts anticipate that Chemung Financial Corp will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Thursday, September 17th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio (DPR) is currently 20.69%.

Insider Activity

In other news, EVP Loren Cole sold 5,160 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares in the company, valued at $431,194. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in Chemung Financial during the second quarter worth about $28,000. Deutsche Bank AG bought a new stake in Chemung Financial in the 2nd quarter worth about $301,000. Algert Global LLC purchased a new stake in Chemung Financial in the 2nd quarter valued at about $494,000. Hsbc Holdings PLC increased its stake in 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 buying an additional 4,719 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Chemung Financial in the 2nd quarter valued at about $1,058,000. 47.50% of the stock is owned by institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, businesses, municipalities and nonprofit organizations.

The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.