Chemung Financial Corp (NASDAQ:CHMG) Short Interest Update

Key Points

• Short interest fell 15.1% in April to 24,158 shares (about 0.6% of shares outstanding), with a days-to-cover ratio of 5.0, indicating reduced short interest in CHMG.
• Chemung reported a strong quarter with Q1 EPS of $1.91 versus the $1.63 consensus and revenue of $29.90M (above estimates), and delivered a return on equity of 12.68%.
• Insiders have recently sold stock (4,611 shares worth ~$272k in the past 90 days) while the stock yields 2.0% and carries an average analyst rating of "Moderate Buy" with a consensus target of $64.00 (recent price ~ $66.40).

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) saw a large decline in short interest in the month of April. As of April 15th, there was short interest totaling 24,158 shares, a decline of 15.1% from the March 31st total of 28,471 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average daily volume of 4,850 shares, the days-to-cover ratio is currently 5.0 days.

Chemung Financial Price Performance

NASDAQ:CHMG traded down $0.01 during midday trading on Friday, hitting $66.40. The company had a trading volume of 30,852 shares, compared to its average volume of 8,394. Chemung Financial has a 52-week low of $43.20 and a 52-week high of $70.83. The stock's fifty day moving average price is $57.59 and its 200-day moving average price is $55.95. The company has a market capitalization of $320.07 million, a PE ratio of 17.52 and a beta of 0.45. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.68%. The company had revenue of $29.90 million during the quarter, compared to analyst estimates of $29.21 million. As a group, research analysts expect that Chemung Financial will post 6.75 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th were given a $0.34 dividend. The ex-dividend date was Wednesday, March 18th. This represents a $1.36 annualized dividend and a yield of 2.0%. Chemung Financial's payout ratio is 35.88%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CHMG. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a "market perform" rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of Chemung Financial from a "hold" rating to a "buy" rating in a report on Sunday, April 19th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chemung Financial in a report on Friday, March 27th. Finally, Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

Insider Buying and Selling at Chemung Financial

In related news, Director Robert H. Dalrymple sold 2,833 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the sale, the director owned 1,351 shares of the company's stock, valued at approximately $76,412.56. This represents a 67.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel D. Fariello sold 748 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the sale, the insider directly owned 7,110 shares in the company, valued at $434,634.30. This trade represents a 9.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,611 shares of company stock valued at $272,340 in the last 90 days. 12.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its position in Chemung Financial by 6.1% in the first quarter. Hsbc Holdings PLC now owns 19,561 shares of the bank's stock worth $1,074,000 after acquiring an additional 1,126 shares in the last quarter. Invesco Ltd. purchased a new stake in Chemung Financial during the fourth quarter valued at about $232,000. AQR Capital Management LLC boosted its position in Chemung Financial by 8.7% during the fourth quarter. AQR Capital Management LLC now owns 18,521 shares of the bank's stock valued at $1,033,000 after buying an additional 1,486 shares during the period. Trexquant Investment LP boosted its position in Chemung Financial by 17.2% during the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank's stock valued at $317,000 after buying an additional 833 shares during the period. Finally, Captrust Financial Advisors boosted its position in Chemung Financial by 5.0% during the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank's stock valued at $440,000 after buying an additional 372 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

About Chemung Financial

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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