Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Chemung Financial stock briefly crossed above its 200‑day moving average, trading as high as $55.15 versus the 200‑day MA of $54.67 (last trade $54.49) on light volume of 5,636 shares.
• Analyst consensus remains a "Hold" with an average target of $57, though recent activity includes upgrades and Keefe, Bruyette & Woods raising its price objective to $64.
• Fundamentals and shareholder returns: the bank reported a slight EPS beat ($1.61 vs. $1.60), has a $262.6M market cap, and pays a $0.34 quarterly dividend (annualized $1.36, ~2.5% yield).

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $54.67 and traded as high as $55.15. Chemung Financial shares last traded at $54.49, with a volume of 5,636 shares traded.

Analyst Ratings Changes

CHMG has been the topic of several recent research reports. Zacks Research upgraded shares of Chemung Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, February 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chemung Financial in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research report on Saturday, December 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 28th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $57.00.

Chemung Financial Stock Performance

The company has a market capitalization of $262.64 million, a PE ratio of 17.35 and a beta of 0.45. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02. The stock's fifty day simple moving average is $56.84 and its 200-day simple moving average is $54.67.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. The company had revenue of $30.52 million for the quarter, compared to analyst estimates of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. As a group, equities analysts predict that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Wednesday, March 18th. Chemung Financial's dividend payout ratio is 43.31%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Robert H. Dalrymple sold 2,833 shares of the company's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $56.56, for a total value of $160,234.48. Following the transaction, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. This represents a 67.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel D. Fariello sold 748 shares of the company's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the completion of the transaction, the insider owned 7,110 shares in the company, valued at approximately $434,634.30. This trade represents a 9.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 3,823 shares of company stock worth $220,860. 12.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHMG. Tower Research Capital LLC TRC lifted its holdings 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 acquiring an additional 426 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock worth $48,000 after acquiring an additional 412 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock worth $57,000 after acquiring an additional 563 shares during the period. CWM LLC lifted its holdings in shares of Chemung Financial by 168.1% during the 3rd quarter. CWM LLC now owns 1,630 shares of the bank's stock worth $86,000 after acquiring an additional 1,022 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Chemung Financial by 50.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank's stock worth $108,000 after acquiring an additional 688 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.

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