Chemung Financial (NASDAQ:CHMG) Stock Crosses Above Two Hundred Day Moving Average of $43.83

Chemung Financial Co. (NASDAQ:CHMG) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $43.83 and traded as high as $47.25. Chemung Financial shares last traded at $46.68, with a volume of 16,635 shares.

Chemung Financial Price Performance

The company’s 50-day moving average is $46.30 and its two-hundred day moving average is $43.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $222.20 million, a P/E ratio of 8.94 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.07). Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. The firm had revenue of $36.98 million for the quarter, compared to the consensus estimate of $24.08 million. Sell-side analysts anticipate that Chemung Financial Co. will post 4.81 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.66%. Chemung Financial’s dividend payout ratio is currently 23.75%.

Insider Buying and Selling at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the completion of the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at approximately $174,314.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 12.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CHMG. Bank of New York Mellon Corp grew its holdings in Chemung Financial by 3.5% during the 2nd 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 during the last quarter. Empowered Funds LLC grew its stake in shares of Chemung Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after purchasing an additional 1,400 shares during the period. Acadian Asset Management LLC raised its position in Chemung Financial by 8.7% during the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after purchasing an additional 2,011 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. acquired a new position in Chemung Financial during the 2nd quarter worth about $200,000. 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.