Chemung Financial Co. (NASDAQ:CHMG) Sees Large Decrease in Short Interest

Chemung Financial Co. (NASDAQ:CHMG) was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 13,800 shares, a drop of 40.3% from the June 30th total of 23,100 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average trading volume of 11,000 shares, the days-to-cover ratio is presently 1.3 days.

Chemung Financial Stock Up 0.9 %

Shares of NASDAQ CHMG traded up $0.42 during mid-day trading on Friday, reaching $49.00. 682 shares of the company’s stock were exchanged, compared to its average volume of 8,690. Chemung Financial has a twelve month low of $38.64 and a twelve month high of $51.36. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $232.75 million, a price-to-earnings ratio of 9.31 and a beta of 0.17. The business has a fifty day simple moving average of $44.79 and a 200 day simple moving average of $44.07.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Thursday, July 18th. The bank reported $1.05 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.07). The company 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 11.53% and a net margin of 16.02%. As a group, equities analysts expect that Chemung Financial will post 4.81 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Monday, June 17th. Chemung Financial’s payout ratio is presently 23.75%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Chemung Financial from $51.00 to $49.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.

Institutional Trading of Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of CHMG. Bank of New York Mellon Corp boosted its position in shares of 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 buying an additional 397 shares during the period. Empowered Funds LLC grew its holdings in shares of Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after acquiring an additional 1,400 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after acquiring an additional 2,011 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 369.5% during the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after acquiring an additional 5,081 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after purchasing an additional 5,649 shares during the last quarter. Institutional investors and hedge funds 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.