Chemung Financial (NASDAQ:CHMG) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Chemung Financial's stock price has surpassed its 200-day moving average of $48.86, trading at $52.69, with analysts giving it a consensus rating of Hold.
• The company recently increased its quarterly dividend from $0.32 to $0.34 per share, reflecting an annualized dividend yield of 2.6%.
• Insiders have been actively buying shares, with transactions leading to a 9.82% increase in ownership by Director Jeffrey B. Streeter and a 46.99% increase by EVP Loren D. Cole.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $48.86 and traded as high as $52.93. Chemung Financial shares last traded at $52.69, with a volume of 4,594 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods increased their target price on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a report on Monday, July 21st. Zacks Research cut Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Chemung Financial has an average rating of "Hold" and a consensus price target of $54.50.

Chemung Financial Stock Down 1.3%

The firm has a 50-day simple moving average of $52.24 and a 200 day simple moving average of $48.86. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $252.39 million, a PE ratio of 22.52 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.31. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.The business had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. On average, research analysts predict that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.6%. Chemung Financial's dividend payout ratio is presently 58.12%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Jeffrey B. Streeter bought 2,612 shares of the company's stock in a transaction dated Monday, July 28th. The shares were acquired at an average cost of $52.60 per share, with a total value of $137,391.20. Following the completion of the transaction, the director owned 29,202 shares in the company, valued at $1,536,025.20. The trade was a 9.82% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Loren D. Cole bought 2,983 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $50.10 per share, for a total transaction of $149,448.30. Following the completion of the transaction, the executive vice president owned 9,331 shares of the company's stock, valued at approximately $467,483.10. The trade was a 46.99% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 18,458 shares of company stock valued at $968,415. 12.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Chemung Financial by 16.1% in 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 in the last quarter. Bridgeway Capital Management LLC grew its stake in Chemung Financial by 0.5% in the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank's stock worth $3,683,000 after purchasing an additional 350 shares in the last quarter. Acadian Asset Management LLC grew its stake in Chemung Financial by 1.7% in the second quarter. Acadian Asset Management LLC now owns 73,848 shares of the bank's stock worth $3,575,000 after purchasing an additional 1,251 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Chemung Financial by 1.8% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,143 shares of the bank's stock worth $1,510,000 after purchasing an additional 547 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock worth $1,137,000 after purchasing an additional 1,616 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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