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

Key Points

• Chemung Financial's stock price has recently surpassed its 200-day moving average, indicating a change in trend, trading last at $52.54.
• Analysts have differing views on the stock, with Keefe, Bruyette & Woods raising their price target to $59.00, while Piper Sandler lowered theirs to $50.00.
• The company reported quarterly earnings matching expectations with an EPS of $1.31, despite revenue falling short of estimates at $10.10 million.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $48.05 and traded as high as $52.94. Chemung Financial shares last traded at $52.54, with a volume of 16,034 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CHMG shares. Piper Sandler decreased their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods boosted 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.

Chemung Financial Price Performance

The stock has a market cap of $235.11 million, a P/E ratio of 21.02 and a beta of 0.37. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day moving average price of $49.43 and a 200-day moving average price of $48.15.

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 for the quarter, hitting the consensus estimate of $1.31. The company had revenue of $10.10 million for the quarter, compared to analysts' expectations of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. On average, analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is presently 54.70%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, insider Jeffrey P. Kenefick bought 475 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was purchased at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the completion of the acquisition, the insider owned 10,535 shares of the company's stock, valued at approximately $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey B. Streeter purchased 5,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was bought at an average cost of $52.94 per share, for a total transaction of $264,700.00. Following the completion of the transaction, the director owned 26,590 shares in the company, valued at approximately $1,407,674.60. This represents a 23.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 15,475 shares of company stock valued at $818,966. 12.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its stake in shares of Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after acquiring an additional 869 shares during the last quarter. JFS Wealth Advisors LLC bought a new position in Chemung Financial in the 2nd quarter worth about $88,000. Nuveen LLC purchased a new stake in Chemung Financial during the 1st quarter valued at about $228,000. Jane Street Group LLC purchased a new stake in Chemung Financial during the 1st quarter valued at about $255,000. Finally, Wells Fargo & Company MN increased its stake in Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after purchasing an additional 416 shares in the last quarter. Institutional investors own 47.50% of the company's stock.

About Chemung Financial

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.