Chemung Financial Corp (NASDAQ:CHMG) Short Interest Up 29.4% in May

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 20,700 shares, a growth of 29.4% from the May 15th total of 16,000 shares. Approximately 0.6% of the company's shares are short sold. Based on an average daily volume of 12,800 shares, the days-to-cover ratio is currently 1.6 days.

Chemung Financial Trading Down 0.5%

NASDAQ:CHMG traded down $0.24 during mid-day trading on Friday, hitting $46.75. The company had a trading volume of 14,136 shares, compared to its average volume of 13,943. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.89 and a current ratio of 0.89. Chemung Financial has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The firm has a market cap of $223.93 million, a P/E ratio of 9.86 and a beta of 0.37. The business's fifty day moving average is $45.86 and its two-hundred day moving average is $48.02.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. The business had revenue of $25.71 million for the quarter, compared to the consensus estimate of $25.90 million. As a group, research analysts expect that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $1.28 annualized dividend and a yield of 2.74%. Chemung Financial's dividend payout ratio (DPR) is presently 27.00%.

Analysts Set New Price Targets

CHMG has been the subject of a number of recent research reports. Piper Sandler dropped their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their target price on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. Russell Investments Group Ltd. raised its stake in Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares during the period. PL Capital Advisors LLC acquired a new stake in shares of Chemung Financial during the fourth quarter worth about $96,000. Nuveen LLC bought a new position in shares of Chemung Financial during the 1st quarter valued at about $228,000. Allspring Global Investments Holdings LLC bought a new stake in Chemung Financial during the 4th quarter worth approximately $231,000. Finally, Jane Street Group LLC acquired a new stake in Chemung Financial during the 1st quarter worth approximately $255,000. 47.50% of the stock is owned by institutional investors.

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.