Chemung Financial Corp (NASDAQ:CHMG) Sees Large Growth in Short Interest

Key Points

• Short interest in Chemung Financial surged 94.6% in June, rising to 80,780 shares as of June 30, with about 1.9% of the float sold short and a 1.6-day cover ratio.
• Analyst sentiment is mixed: Weiss Ratings and Wall Street Zen upgraded the stock, while Zacks Research downgraded it to hold. MarketBeat shows an average rating of Hold with a $64 price target.
• The bank posted better-than-expected quarterly results, reporting $1.91 EPS versus $1.63 expected, and recently paid a $0.34 quarterly dividend, implying a 1.7% yield.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 80,780 shares, a growth of 94.6% from the June 15th total of 41,514 shares. Based on an average daily volume of 50,064 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CHMG shares. Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 22nd. Zacks Research cut shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 5th. Finally, Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, April 19th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $64.00.

Chemung Financial Price Performance

Shares of CHMG stock traded up $1.94 on Thursday, reaching $77.94. The company had a trading volume of 28,253 shares, compared to its average volume of 23,823. The business's 50-day moving average is $71.08 and its 200 day moving average is $62.58. Chemung Financial has a one year low of $48.61 and a one year high of $78.10. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $375.69 million, a PE ratio of 20.57 and a beta of 0.59.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. The business had revenue of $29.90 million during the quarter, compared to analysts' expectations of $29.21 million. Equities research analysts forecast that Chemung Financial will post 6.75 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 17th. This represents a $1.36 annualized dividend and a dividend yield of 1.7%. Chemung Financial's dividend payout ratio is 35.88%.

Insider Buying and Selling

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of Chemung Financial stock in a transaction on Monday, April 27th. The shares were sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the transaction, the director directly owned 8,050 shares of the company's stock, valued at $525,906.50. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Hedge funds have recently modified their holdings of the company. PL Capital Advisors LLC increased its holdings in Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank's stock worth $6,101,000 after purchasing an additional 50,209 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Chemung Financial by 13.0% during the first quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank's stock valued at $8,484,000 after purchasing an additional 18,171 shares in the last quarter. Rhino Investment Partners Inc grew its holdings in shares of Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank's stock worth $1,134,000 after purchasing an additional 14,440 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank's stock worth $4,521,000 after purchasing an additional 12,917 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Chemung Financial by 44.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank's stock valued at $2,179,000 after buying an additional 11,981 shares during the period. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.

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