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

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.76 and traded as high as $50.00. Chemung Financial shares last traded at $48.62, with a volume of 103,810 shares traded.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Piper Sandler dropped their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd.

Chemung Financial Trading Up 2.7%

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. The company has a market cap of $238.49 million, a PE ratio of 10.50 and a beta of 0.37. The company has a fifty day simple moving average of $46.79 and a two-hundred day simple moving average of $47.64.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. The firm had revenue of $25.71 million for the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. Analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Tuesday, June 17th. Chemung Financial's dividend payout ratio is presently 27.00%.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors have recently modified their holdings of CHMG. Russell Investments Group Ltd. increased its holdings in Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after buying an additional 869 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Chemung Financial during the 1st quarter worth about $228,000. Jane Street Group LLC acquired a new stake in shares of Chemung Financial during the 1st quarter worth about $255,000. Wells Fargo & Company MN lifted its stake in Chemung Financial by 8.2% during the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after purchasing an additional 416 shares during the last quarter. Finally, Modern Wealth Management LLC acquired a new position in Chemung Financial in the first quarter valued at approximately $290,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

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.