Chemung Financial Corp (NASDAQ:CHMG) Short Interest Update

Chemung Financial Corp (NASDAQ:CHMG) saw a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 20,700 shares, a growth of 29.4% from the May 15th total of 16,000 shares. Based on an average daily trading volume, of 12,800 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CHMG. Piper Sandler cut their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 22nd.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $46.99 on Thursday. Chemung Financial has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The firm’s 50-day simple moving average is $45.75 and its 200 day simple moving average is $48.06. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The stock has a market cap of $225.08 million, a P/E ratio of 9.91 and a beta of 0.37.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. The firm had revenue of $25.71 million for the quarter, compared to analysts’ expectations of $25.90 million. Equities analysts expect that Chemung Financial will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.72%. Chemung Financial’s dividend payout ratio is 27.00%.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently made changes to their positions in CHMG. Russell Investments Group Ltd. raised its stake in Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock worth $83,000 after acquiring an additional 869 shares in the last quarter. PL Capital Advisors LLC bought a new position in Chemung Financial during the fourth quarter worth about $96,000. Nuveen LLC bought a new position in Chemung Financial during the first quarter worth about $228,000. Allspring Global Investments Holdings LLC bought a new position in shares of Chemung Financial during the 4th quarter valued at about $231,000. Finally, Jane Street Group LLC bought a new position in shares of Chemung Financial during the 1st quarter valued at about $255,000. 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.