Chemung Financial (NASDAQ:CHMG) Stock Passes Above Two Hundred Day Moving Average - Should You Sell?

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.87 and traded as high as $50.53. Chemung Financial shares last traded at $49.40, with a volume of 8,713 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. StockNews.com lowered shares of Chemung Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Finally, Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They issued a "neutral" rating and a $57.00 price target on the stock.

Chemung Financial Trading Down 1.5 %

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market cap of $235.09 million, a price-to-earnings ratio of 10.93 and a beta of 0.17. The company has a fifty day simple moving average of $50.79 and a 200-day simple moving average of $47.87.

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

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.31 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.51%. Chemung Financial's dividend payout ratio is 27.43%.

Insider Activity at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.04% of the stock is owned by insiders.

Institutional Trading of Chemung Financial

Several institutional investors have recently made changes to their positions in CHMG. Bank of New York Mellon Corp lifted its position in Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank's stock worth $558,000 after buying an additional 397 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of 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 acquiring an additional 2,054 shares in the last quarter. Bright Futures Wealth Management LLC. acquired a new stake in Chemung Financial during the second quarter valued at $200,000. Dimensional Fund Advisors LP grew its stake in Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock valued at $6,342,000 after purchasing an additional 5,584 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in 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 last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.