Chemung Financial (NASDAQ:CHMG) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Chemung Financial Corp (NASDAQ:CHMG)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $51.99 and traded as high as $55.58. Chemung Financial shares last traded at $55.25, with a volume of 2,039 shares changing hands.

Wall Street Analyst Weigh In

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

Chemung Financial Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50-day moving average price is $53.22 and its two-hundred day moving average price is $51.99. The company has a market capitalization of $264.65 million, a price-to-earnings ratio of 19.95 and a beta of 0.49.

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 net margin of 9.58% and a return on equity of 11.28%. The business had revenue of $25.71 million for the quarter. On average, equities research analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current fiscal 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 2.5%. Chemung Financial’s dividend payout ratio (DPR) is currently 49.10%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Chemung Financial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 178,338 shares of the bank’s stock worth $9,366,000 after purchasing an additional 615 shares in the last quarter. Geode Capital Management LLC raised its holdings in Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after buying an additional 12,917 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Chemung Financial by 2.3% in the third quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock valued at $4,084,000 after buying an additional 1,771 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Chemung Financial by 1.7% in the second quarter. Acadian Asset Management LLC now owns 73,848 shares of the bank’s stock valued at $3,575,000 after buying an additional 1,251 shares in the last quarter. Finally, PL Capital Advisors LLC grew its holdings in shares of Chemung Financial by 890.1% during the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock valued at $3,105,000 after buying an additional 53,155 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.