Loren Cole Sells 5,160 Shares of Chemung Financial (NASDAQ:CHMG) Stock

Key Points

• Insider sale: EVP Loren Cole sold 5,160 Chemung Financial shares at an average price of $83.50, generating $430,860 and reducing his holdings by nearly 50% to 5,164 shares.
• Financial performance: Chemung Financial exceeded quarterly expectations with earnings of $1.82 per share versus the $1.77 consensus, while reporting $31.17 million in revenue.
• Dividend and outlook: The bank raised its quarterly dividend to $0.36 per share, producing a 1.7% annualized yield. Analysts maintain a consensus “Buy” rating with an average price target of $84.00.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) EVP Loren Cole sold 5,160 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the completion of the transaction, the executive vice president owned 5,164 shares of the company's stock, valued at approximately $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Chemung Financial Stock Down 1.0%

NASDAQ CHMG traded down $0.86 during trading hours on Thursday, reaching $82.69. 17,351 shares of the company's stock traded hands, compared to its average volume of 33,679. Chemung Financial Corp has a 52-week low of $49.82 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The firm has a 50-day simple moving average of $81.18 and a 200 day simple moving average of $70.17. The firm has a market cap of $398.57 million, a PE ratio of 11.88 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The business had revenue of $31.17 million for the quarter, compared to analysts' expectations of $30.52 million. Sell-side analysts anticipate that Chemung Financial Corp will post 7.54 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. Chemung Financial's dividend payout ratio (DPR) is presently 19.54%.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of recent research reports. Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. Wall Street Zen raised shares of Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Raymond James Financial initiated coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They set an "outperform" rating and a $87.00 price objective for the company. Finally, Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $84.00.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently added to or reduced their stakes in CHMG. Legal & General Group Plc purchased a new stake in Chemung Financial during the second quarter valued at $28,000. Deutsche Bank AG purchased a new stake in shares of Chemung Financial during the 2nd quarter valued at about $301,000. Algert Global LLC bought a new position in shares of Chemung Financial in the 2nd quarter worth approximately $494,000. LSV Asset Management lifted its stake in shares of Chemung Financial by 7.6% in the 4th quarter. LSV Asset Management now owns 14,421 shares of the bank's stock worth $805,000 after purchasing an additional 1,021 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Chemung Financial by 34.4% in the fourth quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank's stock worth $1,021,000 after buying an additional 4,719 shares during the last quarter. Institutional investors own 47.50% of the company's stock.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company's offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.

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