Chemung Financial (NASDAQ:CHMG) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Chemung Financial Co. (NASDAQ:CHMG)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.87 and traded as high as $50.53. Chemung Financial shares last traded at $49.40, with a volume of 8,713 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler began coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target on the stock. Finally, StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

Chemung Financial Stock Down 1.5 %

The firm has a market cap of $235.09 million, a P/E ratio of 10.93 and a beta of 0.17. The firm’s 50 day moving average is $50.79 and its two-hundred day moving average is $47.87. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The company had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. As a group, research analysts anticipate that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, December 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insider Activity

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This represents a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CHMG. Bright Futures Wealth Management LLC. bought a new position in Chemung Financial in the second quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Chemung Financial during the 3rd quarter worth about $324,000. Barclays PLC grew its holdings in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after acquiring an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after acquiring an additional 6,802 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after acquiring an additional 397 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors.

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.