Chemung Financial Co. (NASDAQ:CHMG - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $48.43 and traded as high as $51.42. Chemung Financial shares last traded at $50.56, with a volume of 14,016 shares.
Analysts Set New Price Targets
CHMG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on Chemung Financial from $54.00 to $60.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler began coverage on Chemung Financial in a research note on Friday, December 20th. They issued a "neutral" rating and a $57.00 price target for the company. Finally, StockNews.com cut shares of Chemung Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th.
Check Out Our Latest Stock Report on Chemung Financial
Chemung Financial Trading Up 0.0 %
The company has a fifty day simple moving average of $49.78 and a two-hundred day simple moving average of $48.45. The company has a market capitalization of $241.57 million, a P/E ratio of 10.23 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. On average, analysts forecast that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.
Chemung Financial Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, December 19th. Chemung Financial's dividend payout ratio (DPR) is currently 25.00%.
Insider Activity at Chemung Financial
In other news, Director Joseph F. Iv Meade purchased 592 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares of the company's stock, valued at approximately $175,594.30. The trade was a 18.99 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.04% of the company's stock.
Institutional Trading of Chemung Financial
Several institutional investors have recently modified their holdings of CHMG. PL Capital Advisors LLC acquired a new position in Chemung Financial in the fourth quarter worth about $4,698,000. Geode Capital Management LLC lifted its position in shares of Chemung Financial by 2.6% during 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. Empowered Funds LLC lifted its position in shares of Chemung Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock worth $1,087,000 after buying an additional 1,033 shares during the period. Bank of New York Mellon Corp boosted its stake in Chemung Financial by 117.4% in the 4th quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank's stock valued at $956,000 after buying an additional 10,584 shares in the last quarter. Finally, Martingale Asset Management L P raised its stake in Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank's stock worth $580,000 after acquiring an additional 4,611 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.
About Chemung Financial
(
Get Free Report)
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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