Insider Selling: Chemung Financial (NASDAQ:CHMG) Director Sells 788 Shares of Stock

Key Points

• Director Thomas Tyrrell sold 788 shares of Chemung Financial at an average price of $65.33 for $51,480, reducing his stake by 8.92% to 8,050 shares (SEC Form 4 filed).
• Chemung Financial posted an earnings beat with $1.91 EPS vs. $1.63 expected and $29.90M revenue, and it pays a $0.34 quarterly dividend (annualized yield ~2.0%).
• The stock traded at $66.99 (up 0.2%) with a market cap of ~$322.9M, and analysts give a consensus rating of "Moderate Buy" with an average price target of $64.00.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Thomas Tyrrell sold 788 shares of Chemung Financial stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the transaction, the director directly owned 8,050 shares in the company, valued at approximately $525,906.50. The trade was a 8.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Chemung Financial Stock Up 0.2%

Shares of Chemung Financial stock traded up $0.16 on Monday, reaching $66.99. The stock had a trading volume of 14,394 shares, compared to its average volume of 7,490. The company has a 50 day moving average price of $56.95 and a 200 day moving average price of $55.57. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Chemung Financial Corp has a 1 year low of $43.00 and a 1 year high of $70.83. The stock has a market capitalization of $322.89 million, a P/E ratio of 17.66 and a beta of 0.45.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Friday, April 17th. The bank reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.28. The company had revenue of $29.90 million during the quarter, compared to analysts' expectations of $29.21 million. Chemung Financial had a net margin of 12.77% and a return on equity of 12.68%. As a group, equities research analysts forecast that Chemung Financial Corp will post 6.75 EPS for the current year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th were paid a $0.34 dividend. The ex-dividend date was Wednesday, March 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.0%. Chemung Financial's dividend payout ratio (DPR) is 35.88%.

Analysts Set New Price Targets

A number of research firms recently commented on CHMG. Weiss Ratings reiterated a "hold (c)" rating on shares of Chemung Financial in a research note on Friday, March 27th. Zacks Research upgraded shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 14th. Keefe, Bruyette & Woods lifted their target price on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a "market perform" rating in a research note on Wednesday, January 28th. Finally, Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, April 19th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $64.00.

Institutional Trading of Chemung Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its stake in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after acquiring an additional 426 shares during the period. Russell Investments Group Ltd. lifted its stake in Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock valued at $48,000 after acquiring an additional 412 shares during the period. BNP Paribas Financial Markets lifted its stake in Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock valued at $57,000 after acquiring an additional 563 shares during the period. CWM LLC lifted its stake in Chemung Financial by 168.1% during the 3rd quarter. CWM LLC now owns 1,630 shares of the bank's stock valued at $86,000 after acquiring an additional 1,022 shares during the period. Finally, PNC Financial Services Group Inc. increased 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 valued at $108,000 after purchasing an additional 688 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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