Chemung Financial (NASDAQ:CHMG) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• Chemung Financial shares broke above their 200-day moving average, reaching $81.21 versus the $74.77 average, with trading volume of 59,700 shares.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $87.75; targets range from $87 to $95.
• The bank exceeded quarterly earnings and revenue estimates, while raising its quarterly dividend to $0.36 per share, equivalent to a 1.8% annual yield.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $74.77 and traded as high as $81.21. Chemung Financial shares last traded at $81.21, with a volume of 59,700 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CHMG shares. Raymond James Financial started coverage on Chemung Financial in a research report on Tuesday, September 1st. They set an "outperform" rating and a $87.00 price target for the company. Hovde Group began coverage on shares of Chemung Financial in a research report on Monday, October 12th. They issued a "market perform" rating and a $88.00 price objective on the stock. DA Davidson started coverage on shares of Chemung Financial in a research note on Monday, September 28th. They issued a "buy" rating and a $95.00 target price on the stock. Weiss Ratings raised shares of Chemung Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Finally, Zacks Research lowered shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $87.75.

Chemung Financial Trading Up 1.9%

The firm has a market cap of $391.43 million, a P/E ratio of 11.67 and a beta of 0.58. 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 stock has a 50 day moving average of $82.27 and a 200 day moving average of $74.77.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly 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. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. The business had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. As a group, equities research analysts predict that Chemung Financial Corp will post 7.54 EPS for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Thursday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio is presently 20.69%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares of the company's stock, valued at $431,194. This represents 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 the SEC website. 12.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at $28,000. Deutsche Bank AG purchased a new position in Chemung Financial in the 2nd quarter worth $301,000. Algert Global LLC purchased a new position in Chemung Financial in the 2nd quarter worth $494,000. Bank of America Corp DE bought a new stake in Chemung Financial in the second quarter worth $1,058,000. Finally, Bank of New York Mellon Corp bought a new stake in Chemung Financial in the second quarter worth $1,149,000. 47.50% of the stock is currently owned by institutional investors.

About Chemung Financial

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, businesses, municipalities and nonprofit organizations.

The company's banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.

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.