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

Key Points

• Chemung Financial's stock price recently surpassed its 200-day moving average, trading at $52.94, indicating upward momentum in market performance.
• Keefe, Bruyette & Woods raised their price target for Chemung Financial from $55.00 to $59.00, while the stock has an average target price of $54.50 among analysts.
• The company declared an increased quarterly dividend of $0.34 per share, representing a positive change from the previous $0.32, with a yield of 2.6%.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $48.40 and traded as high as $53.49. Chemung Financial shares last traded at $52.94, with a volume of 3,842 shares changing hands.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods boosted their price objective 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. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $54.50.

Chemung Financial Stock Down 0.3%

The firm's 50-day moving average is $51.25 and its 200 day moving average is $48.47. The stock has a market cap of $258.28 million, a price-to-earnings ratio of 23.04 and a beta of 0.38. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.67%. The company had revenue of $10.10 million during the quarter, compared to analyst estimates of $26.26 million. Sell-side analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be given a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This is an increase from Chemung Financial's previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 2.5%. Chemung Financial's dividend payout ratio (DPR) is currently 54.70%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole acquired 2,983 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was bought at an average price of $50.10 per share, with a total value of $149,448.30. Following the completion of the transaction, the executive vice president directly owned 9,331 shares of the company's stock, valued at approximately $467,483.10. The trade was a 46.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey P. Kenefick acquired 475 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was acquired at an average cost of $52.75 per share, with a total value of $25,056.25. Following the transaction, the insider directly owned 10,535 shares of the company's stock, valued at approximately $555,721.25. This represents a 4.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 18,458 shares of company stock valued at $968,415 over the last 90 days. Corporate insiders own 12.04% of the company's stock.

Institutional Investors Weigh In On Chemung Financial

Large investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Chemung Financial by 1.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,384 shares of the bank's stock valued at $604,000 after purchasing an additional 216 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after purchasing an additional 330 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Chemung Financial by 0.5% in the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank's stock valued at $3,683,000 after purchasing an additional 350 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Chemung Financial by 4.7% in the fourth quarter. Hsbc Holdings PLC now owns 8,572 shares of the bank's stock valued at $420,000 after purchasing an additional 385 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Chemung Financial by 8.2% in the fourth 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 during the period. Institutional investors and hedge funds 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.