Chemung Financial Co. (NASDAQ:CHMG) Short Interest Update

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,700 shares, an increase of 9.6% from the August 31st total of 12,500 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average trading volume of 14,300 shares, the days-to-cover ratio is currently 1.0 days.

Chemung Financial Trading Down 0.0 %

NASDAQ:CHMG traded down $0.01 on Friday, reaching $48.01. 6,853 shares of the stock traded hands, compared to its average volume of 9,490. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. Chemung Financial has a 1-year low of $38.75 and a 1-year high of $51.36. The company’s 50 day moving average is $46.71 and its 200-day moving average is $44.47. The firm has a market capitalization of $228.14 million, a price-to-earnings ratio of 9.20 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.07). The firm had revenue of $36.98 million for the quarter, compared to analyst estimates of $24.08 million. Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. Equities research analysts anticipate that Chemung Financial will post 4.81 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 19th. Chemung Financial’s dividend payout ratio (DPR) is presently 23.75%.

Insider Buying and Selling at Chemung Financial

In other news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the transaction, the executive vice president now owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its stake in Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,400 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares during the period. Bright Futures Wealth Management LLC. acquired a new position in shares of Chemung Financial during the second quarter valued at about $200,000. Acadian Asset Management LLC boosted its position in shares of Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after purchasing an additional 2,054 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after buying an additional 397 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.