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

Shares of Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $49.02 and traded as high as $52.75. Chemung Financial shares last traded at $52.50, with a volume of 6,483 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Chemung Financial in a research report on Saturday, September 27th. Zacks Research lowered shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Finally, Keefe, Bruyette & Woods increased their price target 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, July 21st. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $54.50.

Chemung Financial Stock Down 0.0%

The stock has a market capitalization of $251.48 million, a PE ratio of 22.44 and a beta of 0.38. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company's 50-day moving average is $52.23 and its 200 day moving average is $49.02.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting the consensus estimate of $1.31. The firm had revenue of $10.10 million during 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 10.67%. As a group, analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Wednesday, September 17th. This is an increase from Chemung Financial's previous quarterly dividend of $0.32. Chemung Financial's payout ratio is 58.12%.

Insider Buying and Selling

In other Chemung Financial news, insider Jeffrey P. Kenefick purchased 475 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were bought at an average price of $52.75 per share, for a total transaction of $25,056.25. Following the acquisition, the insider owned 10,535 shares in the company, valued at $555,721.25. This represents a 4.72% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey B. Streeter purchased 5,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was acquired at an average price of $52.94 per share, for a total transaction of $264,700.00. Following the acquisition, the director owned 26,590 shares in the company, valued at $1,407,674.60. This trade represents a 23.16% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 18,458 shares of company stock worth $968,415. 12.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $36,000. Tower Research Capital LLC TRC grew its stake in shares of Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock worth $43,000 after purchasing an additional 426 shares during the period. PNC Financial Services Group Inc. acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $67,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $73,000. Finally, JFS Wealth Advisors LLC acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $88,000. 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.

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