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

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $45.56 and traded as high as $47.47. Chemung Financial shares last traded at $47.29, with a volume of 10,691 shares.

Chemung Financial Stock Up 1.0 %

The business has a fifty day moving average of $47.26 and a 200 day moving average of $45.61. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.42. The firm has a market cap of $227.10 million, a P/E ratio of 10.42 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $38.28 million during the quarter, compared to analysts' expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.91%. On average, equities research analysts predict that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.31 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.60%. Chemung Financial's dividend payout ratio (DPR) is currently 27.43%.

Hedge Funds Weigh In On Chemung Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its stake in shares of 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 valued at $558,000 after purchasing an additional 397 shares during the period. Renaissance Technologies LLC grew its stake in shares of Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank's stock worth $1,647,000 after acquiring an additional 1,400 shares in the last quarter. Empowered Funds LLC raised its stake in Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank's stock valued at $796,000 after acquiring an additional 1,400 shares during the period. Acadian Asset Management LLC lifted its holdings in Chemung Financial by 8.7% during the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank's stock valued at $1,063,000 after purchasing an additional 2,011 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. acquired a new position in shares of Chemung Financial in the second quarter valued at $200,000. 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.