Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Rises By 9.6%

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,700 shares, an increase of 9.6% from the August 31st total of 12,500 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily volume of 14,300 shares, the short-interest ratio is presently 1.0 days.

Insider Buying and Selling at Chemung Financial

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

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Chemung Financial by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after buying an additional 5,649 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Chemung Financial by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares during the last quarter. Renaissance Technologies LLC increased its position in Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after acquiring an additional 1,400 shares during the last quarter. Acadian Asset Management LLC raised its position in Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after purchasing an additional 2,054 shares during the period. Finally, Empowered Funds LLC raised its holdings 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 buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Trading Down 0.0 %

Shares of NASDAQ CHMG traded down $0.01 during trading hours on Friday, hitting $48.01. The company’s stock had a trading volume of 6,853 shares, compared to its average volume of 9,490. The business has a 50-day simple moving average of $46.71 and a 200-day simple moving average of $44.47. The stock has a market cap of $228.14 million, a price-to-earnings ratio of 9.20 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 has a 12 month low of $38.75 and a 12 month high of $51.36.

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). The firm had revenue of $36.98 million for the quarter, compared to analysts’ expectations of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. On average, analysts anticipate that Chemung Financial will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid 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 yield of 2.58%. Chemung Financial’s dividend payout ratio is presently 23.75%.

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.