Chemung Financial (NASDAQ:CHMG) Stock Price Crosses Above 200-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 Thursday . The stock has a 200-day moving average of $47.28 and traded as high as $55.00. Chemung Financial shares last traded at $54.53, with a volume of 8,599 shares changing hands.

Analyst Ratings Changes

CHMG has been the subject of a number of research analyst reports. StockNews.com cut Chemung Financial from a "buy" rating to a "hold" rating in a research report on Wednesday, November 20th. Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th.

Chemung Financial Stock Down 0.7 %

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 business has a 50-day simple moving average of $50.00 and a two-hundred day simple moving average of $47.28. The company has a market capitalization of $257.80 million, a price-to-earnings ratio of 12.06 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.06. The company 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%. As a group, equities analysts predict that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a $0.31 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.29%. Chemung Financial's payout ratio is currently 27.43%.

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CHMG. Vanguard Group Inc. boosted 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 acquiring an additional 5,649 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 last quarter. Geode Capital Management LLC grew its holdings in Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock valued at $3,690,000 after purchasing an additional 1,968 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank's stock valued at $1,647,000 after buying an additional 1,400 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Chemung Financial by 8.2% during the 2nd 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 last quarter. Institutional investors and hedge funds 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.