Chemung Financial (NASDAQ:CHMG) Share Price Passes Above Two Hundred Day Moving Average - Should You Sell?

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.79 and traded as high as $53.90. Chemung Financial shares last traded at $52.38, with a volume of 20,288 shares.

Analysts Set New Price Targets

CHMG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday. 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 report on Tuesday, April 22nd.

Chemung Financial Stock Down 0.4%

The company has a fifty day moving average of $48.63 and a 200 day moving average of $47.78. The company has a market cap of $251.52 million, a P/E ratio of 22.44 and a beta of 0.37. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.31. The business had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%. On average, research analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's payout ratio is currently 54.70%.

Insider Transactions at Chemung Financial

In other news, insider Jeffrey P. Kenefick acquired 475 shares of Chemung Financial stock in a transaction dated Tuesday, July 22nd. The shares were acquired at an average cost of $52.75 per share, with a total value of $25,056.25. Following the purchase, the insider directly owned 10,535 shares of the company's stock, valued at approximately $555,721.25. This trade represents a 4.72% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.04% of the company's stock.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings 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 worth $7,633,000 after purchasing an additional 11,410 shares during the period. Bridgeway Capital Management LLC grew its holdings in shares of Chemung Financial by 3.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock worth $3,808,000 after purchasing an additional 2,633 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Chemung Financial by 3.6% in the first quarter. Acadian Asset Management LLC now owns 72,597 shares of the bank's stock worth $3,450,000 after acquiring an additional 2,541 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Chemung Financial by 9.2% during the fourth quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock worth $2,066,000 after acquiring an additional 3,581 shares during the last quarter. Finally, Basswood Capital Management L.L.C. bought a new position in shares of Chemung Financial in the 4th quarter valued at about $1,851,000. Institutional investors and hedge funds own 47.50% of the company's stock.

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.