Chemung Financial (NASDAQ:CHMG) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• Chemung Financial shares rose above their 200-day moving average, reaching $83.66 and last trading at $83.17, compared with a 200-day average of $66.07.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $81.00, although ratings range from Strong Buy to Hold.
• The bank exceeded quarterly expectations, reporting $1.82 in earnings per share versus $1.77 forecast and $31.17 million in revenue versus $30.52 million expected; it also pays a $0.34 quarterly dividend yielding about 1.6%.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $66.07 and traded as high as $83.66. Chemung Financial shares last traded at $83.17, with a volume of 35,530 shares trading hands.

Wall Street Analyst Weigh In

CHMG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Weiss Ratings downgraded Chemung Financial from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, July 29th. Zacks Research raised Chemung Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a report on Sunday, April 19th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $81.00.

Chemung Financial Trading Up 1.2%

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. The stock's 50-day moving average is $75.97 and its two-hundred day moving average is $66.07. The company has a market cap of $400.88 million, a P/E ratio of 11.95 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. The business had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 13.19%. As a group, equities research analysts predict that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 annualized dividend and a dividend yield of 1.6%. Chemung Financial's payout ratio is presently 19.54%.

Institutional Trading of Chemung Financial

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Chemung Financial in the second quarter worth about $29,197,000. Deutsche Bank AG purchased a new stake in shares of Chemung Financial during the 2nd quarter valued at about $301,000. Bank of New York Mellon Corp purchased a new stake in shares of Chemung Financial during the 2nd quarter valued at about $1,149,000. Rhino Investment Partners Inc lifted its stake in shares of Chemung Financial by 217.8% in the 1st quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank's stock worth $1,134,000 after purchasing an additional 14,440 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Chemung Financial by 13.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank's stock worth $8,484,000 after purchasing an additional 18,171 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

About Chemung Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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