Chemung Financial (NASDAQ:CHMG) Share Price Crosses Above 200 Day Moving Average - What's Next?

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) 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.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CHMG. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a research note on Monday. Piper Sandler lowered their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd.

Chemung Financial Price Performance

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $256.24 million, a P/E ratio of 22.86 and a beta of 0.37. The company's fifty day moving average price is $48.63 and its 200 day moving average price is $47.78.

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

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.39%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is currently 54.70%.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently modified their holdings of CHMG. Basswood Capital Management L.L.C. bought a new position in Chemung Financial during the fourth quarter worth $1,851,000. Man Group plc bought a new position in Chemung Financial during the fourth quarter worth $699,000. Dimensional Fund Advisors LP boosted its stake in Chemung Financial by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after acquiring an additional 11,410 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Chemung Financial by 117.4% during the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank's stock worth $956,000 after acquiring an additional 10,584 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Chemung Financial by 46.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock valued at $1,455,000 after buying an additional 9,717 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.