Chemung Financial (NASDAQ:CHMG) Share Price Passes Above 200 Day Moving Average – Should You Sell?

Chemung Financial Corp (NASDAQ:CHMG) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $51.61 and traded as high as $60.80. Chemung Financial shares last traded at $60.59, with a volume of 9,591 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Wall Street Zen cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research report on Monday. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Chemung Financial presently has an average rating of “Reduce” and a consensus price target of $54.50.

Chemung Financial Stock Performance

The company has a fifty day moving average price of $52.62 and a two-hundred day moving average price of $51.61. The firm has a market cap of $290.23 million, a price-to-earnings ratio of 21.87 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Friday, July 25th. The bank reported $1.26 earnings per share (EPS) for the quarter. Chemung Financial had a return on equity of 11.28% and a net margin of 9.58%.The firm had revenue of $25.71 million for the quarter. As a group, equities research analysts expect that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 19th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, December 19th. This represents a $1.36 annualized dividend and a yield of 2.2%. Chemung Financial’s dividend payout ratio is currently 49.10%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 2,184 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $51.92 per share, for a total transaction of $113,393.28. Following the completion of the transaction, the director owned 32,726 shares in the company, valued at $1,699,133.92. This represents a 7.15% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.41% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently modified their holdings of CHMG. PL Capital Advisors LLC boosted its holdings in shares of Chemung Financial by 890.1% in the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock worth $3,105,000 after buying an additional 53,155 shares during the period. Empower Advisory Group LLC acquired a new position in Chemung Financial in the 2nd quarter worth approximately $802,000. Fourthstone LLC acquired a new position in Chemung Financial in the 2nd quarter worth approximately $789,000. Geode Capital Management LLC grew its position in Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in Chemung Financial during the 2nd quarter valued at $441,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.