Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 25.5% in October

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 13,800 shares, a growth of 25.5% from the October 15th total of 11,000 shares. Based on an average daily volume of 13,200 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.4% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, StockNews.com upgraded Chemung Financial from a "hold" rating to a "buy" rating in a report on Tuesday, November 12th.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares of the company's stock, valued at approximately $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank's stock worth $8,000,000 after buying an additional 5,649 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock worth $6,342,000 after purchasing an additional 5,584 shares during the period. Geode Capital Management LLC raised its position in shares of Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock worth $3,690,000 after buying an additional 1,968 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank's stock worth $1,647,000 after purchasing an additional 1,400 shares during the period. Finally, Acadian Asset Management LLC grew its stake in Chemung Financial by 8.2% during the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank's stock worth $1,299,000 after buying an additional 2,054 shares during the period. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Trading Up 0.2 %

Shares of CHMG traded up $0.10 during midday trading on Friday, hitting $51.55. 12,822 shares of the stock were exchanged, compared to its average volume of 13,693. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $245.33 million, a P/E ratio of 11.40 and a beta of 0.15. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $52.59. The stock has a fifty day simple moving average of $48.00 and a 200 day simple moving average of $46.07.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. On average, research analysts anticipate that Chemung Financial will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a $0.31 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.41%. Chemung Financial's payout ratio is currently 27.43%.

Chemung Financial Company Profile

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.