Chemung Financial Co. (NASDAQ:CHMG) Short Interest Down 51.8% in March

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 14,900 shares, a drop of 51.8% from the March 15th total of 30,900 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 6,400 shares, the days-to-cover ratio is currently 2.3 days.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded down $0.09 during trading on Thursday, hitting $39.89. 6,922 shares of the stock were exchanged, compared to its average volume of 6,815. Chemung Financial has a 1-year low of $33.72 and a 1-year high of $51.36. The company has a market capitalization of $189.48 million, a price-to-earnings ratio of 7.57 and a beta of 0.20. The company's fifty day simple moving average is $42.60 and its 200-day simple moving average is $44.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 0.84.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Thursday, January 25th. The bank reported $0.81 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.36). The company had revenue of $23.77 million for the quarter, compared to the consensus estimate of $23.52 million. Chemung Financial had a return on equity of 12.85% and a net margin of 18.17%. Sell-side analysts expect that Chemung Financial will post 4.86 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 18th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.11%. Chemung Financial's dividend payout ratio (DPR) is presently 23.48%.

Insider Buying and Selling at Chemung Financial

In other news, Director Joseph F. Iv Meade acquired 582 shares of the firm's stock in a transaction dated Wednesday, January 17th. The shares were bought at an average price of $48.11 per share, with a total value of $28,000.02. Following the acquisition, the director now owns 3,003 shares of the company's stock, valued at $144,474.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.68% of the company's stock.

Hedge Funds Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. bought a new position in shares of Chemung Financial during the 1st quarter worth approximately $28,000. Allspring Global Investments Holdings LLC bought a new position in Chemung Financial in the 3rd quarter valued at $30,000. BNP Paribas Arbitrage SNC bought a new position in Chemung Financial in the 2nd quarter valued at $35,000. Bank of America Corp DE raised its position in Chemung Financial by 22,925.0% in the 1st quarter. Bank of America Corp DE now owns 921 shares of the bank's stock valued at $38,000 after purchasing an additional 917 shares during the last quarter. Finally, California State Teachers Retirement System bought a new position in Chemung Financial in the 2nd quarter valued at $45,000. 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.

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