Chemung Financial (NASDAQ:CHMG) Stock Passes Above 200 Day Moving Average of $44.31

Chemung Financial Co. (NASDAQ:CHMG)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $44.31 and traded as high as $49.01. Chemung Financial shares last traded at $48.28, with a volume of 9,715 shares changing hands.

Chemung Financial Trading Down 0.9 %

The company has a 50-day simple moving average of $46.85 and a 200 day simple moving average of $44.31. The company has a market capitalization of $229.43 million, a P/E ratio of 9.25 and a beta of 0.15. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87.

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

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Thursday, September 19th. Chemung Financial’s payout ratio is presently 23.75%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Thomas W. Wirth sold 764 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 3,926 shares of the company’s stock, valued at approximately $174,314.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors have recently added to or reduced their stakes in CHMG. Vanguard Group Inc. boosted its holdings in shares of Chemung Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares during the period. Dimensional Fund Advisors LP boosted its stake in Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after buying an additional 5,584 shares in the last quarter. Renaissance Technologies LLC raised its stake in Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Chemung Financial by 8.2% during the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares during the last quarter. Finally, Empowered Funds LLC boosted 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 valued at $796,000 after acquiring an additional 1,400 shares in the last quarter. 47.50% of the stock is owned by 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.