Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 8.2% in August

Chemung Financial Co. (NASDAQ:CHMG) saw a large increase in short interest in August. As of August 15th, there was short interest totalling 9,200 shares, an increase of 8.2% from the July 31st total of 8,500 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average daily volume of 11,900 shares, the short-interest ratio is presently 0.8 days.

Insider Transactions at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total value of $33,921.60. Following the completion of the transaction, the executive vice president now directly owns 3,926 shares of the company’s stock, valued at $174,314.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bright Futures Wealth Management LLC. acquired a new position in Chemung Financial in the second quarter valued at about $200,000. BNP Paribas Financial Markets raised its position in shares of Chemung Financial by 369.5% in the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after buying an additional 5,081 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after buying an additional 397 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Chemung Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after acquiring an additional 1,400 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of 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 acquiring an additional 2,011 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $46.68 on Wednesday. Chemung Financial has a 12 month low of $38.64 and a 12 month high of $51.36. The stock has a 50 day moving average of $46.42 and a 200-day moving average of $43.87. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $221.82 million, a P/E ratio of 8.94 and a beta of 0.17.

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). Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. The company had revenue of $36.98 million for the quarter, compared to the consensus estimate of $24.08 million. As a group, equities research analysts predict that Chemung Financial will post 4.81 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.66%. Chemung Financial’s payout ratio is presently 23.75%.

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.