Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Drops By 21.2%

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 10,800 shares, a decline of 21.2% from the September 15th total of 13,700 shares. Based on an average daily volume of 13,200 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.3% of the company's stock are short sold.

Chemung Financial Stock Performance

CHMG traded up $0.68 during midday trading on Friday, reaching $47.60. The company had a trading volume of 15,117 shares, compared to its average volume of 9,523. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $226.20 million, a PE ratio of 9.12 and a beta of 0.15. Chemung Financial has a 12-month low of $38.75 and a 12-month high of $51.36. The business has a 50-day moving average price of $46.43 and a two-hundred day moving average price of $44.83.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.07). Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. The business had revenue of $36.98 million during the quarter, compared to the consensus estimate of $24.08 million. On average, sell-side analysts expect that Chemung Financial will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Thursday, September 19th. Chemung Financial's dividend payout ratio (DPR) is currently 23.75%.

Insider Buying and Selling

In related news, EVP Thomas W. Wirth sold 764 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at approximately $174,314.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.04% of the stock is owned by corporate insiders.

Institutional Trading of Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of CHMG. Vanguard Group Inc. raised its position in shares of Chemung Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank's stock valued at $8,000,000 after purchasing an additional 5,649 shares during the period. Dimensional Fund Advisors LP increased its holdings in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock worth $6,342,000 after acquiring an additional 5,584 shares during the period. Bright Futures Wealth Management LLC. bought a new stake in Chemung Financial during the 2nd quarter worth approximately $200,000. Acadian Asset Management LLC increased its holdings in 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 acquiring an additional 2,054 shares during the period. Finally, Empowered Funds LLC increased its holdings in Chemung Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank's stock worth $796,000 after acquiring an additional 1,400 shares during the period. Institutional investors own 47.50% of the company's stock.

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.

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