Chemung Financial Co. (NASDAQ:CHMG) Sees Large Increase in Short Interest

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) was the recipient of a significant growth in short interest in 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. Currently, 0.6% of the company's stock are sold short. Based on an average trading volume of 12,800 shares, the short-interest ratio is presently 1.6 days.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PL Capital Advisors LLC purchased a new position in shares of Chemung Financial in the 4th quarter worth approximately $4,698,000. Basswood Capital Management L.L.C. bought a new stake in Chemung Financial during the fourth quarter worth $1,851,000. Man Group plc purchased a new position in Chemung Financial in the fourth quarter worth $699,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Chemung Financial by 209.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank's stock valued at $1,019,000 after purchasing an additional 14,134 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Chemung Financial by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock valued at $7,633,000 after purchasing an additional 11,410 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods lowered their target price on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler dropped their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd.

Chemung Financial Stock Down 2.2%

Shares of CHMG stock traded down $1.03 during trading hours on Tuesday, reaching $46.23. The company had a trading volume of 9,945 shares, compared to its average volume of 13,923. The company has a market cap of $221.44 million, a price-to-earnings ratio of 9.32 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a 12 month low of $40.71 and a 12 month high of $55.73. The business has a fifty day simple moving average of $45.68 and a 200-day simple moving average of $48.08.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The business had revenue of $25.71 million during the quarter, compared to analyst estimates of $25.90 million. On average, research analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Tuesday, June 17th. Chemung Financial's payout ratio is 27.00%.

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.

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