Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Chemung Financial Co. (NASDAQ:CHMG) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.87 and traded as high as $50.53. Chemung Financial shares last traded at $49.40, with a volume of 8,713 shares.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Piper Sandler assumed coverage on Chemung Financial in a report on Friday, December 20th. They set a “neutral” rating and a $57.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Chemung Financial Stock Performance

The company has a fifty day moving average of $50.79 and a 200 day moving average of $47.87. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $235.09 million, a P/E ratio of 10.93 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. On average, equities analysts predict that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.51%. Chemung Financial’s payout ratio is currently 27.43%.

Insider Activity at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in shares of Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after acquiring an additional 6,802 shares in the last quarter. Barclays PLC grew its position in Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares in the last quarter. Geode Capital Management LLC raised its stake in Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares during the period. Martingale Asset Management L P lifted its holdings in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after purchasing an additional 4,611 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Chemung Financial in the third quarter worth $324,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Company Profile

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.