Chemung Financial (NASDAQ:CHMG) Stock Passes Above 200 Day Moving Average of $43.83

Chemung Financial Co. (NASDAQ:CHMG)’s stock price passed 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 Trading Down 0.5 %

The company has a market cap of $221.82 million, a price-to-earnings ratio of 8.94 and a beta of 0.17. The business has a fifty day simple moving average of $46.30 and a 200 day simple moving average of $43.83. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.27.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data 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 net margin of 16.02% and a return on equity of 11.53%. The company had revenue of $36.98 million during the quarter, compared to analyst estimates of $24.08 million. On average, equities analysts anticipate that Chemung Financial Co. will post 4.81 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Thursday, September 19th. Chemung Financial’s dividend payout ratio (DPR) is 23.75%.

Insider Buying and Selling

In related news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction on Tuesday, August 6th. The stock was 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 of the company’s stock, valued at $174,314.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently added to or reduced their stakes in the business. Bright Futures Wealth Management LLC. purchased a new stake in shares of 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% during the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after purchasing an additional 5,081 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 397 shares during the last quarter. Empowered Funds LLC lifted its stake in 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 buying an additional 1,400 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Chemung Financial by 8.7% during the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after buying an additional 2,011 shares during the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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.