Chemung Financial Co. (NASDAQ:CHMG) Sees Large Increase in Short Interest

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) was the recipient of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 14,200 shares, a growth of 35.2% from the January 31st total of 10,500 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 13,400 shares, the short-interest ratio is presently 1.1 days.

Chemung Financial Trading Up 0.9 %

Shares of NASDAQ CHMG traded up $0.43 during mid-day trading on Friday, hitting $49.98. 71,700 shares of the company traded hands, compared to its average volume of 11,879. The business has a 50 day moving average of $49.25 and a two-hundred day moving average of $49.10. The stock has a market capitalization of $237.85 million, a price-to-earnings ratio of 10.08 and a beta of 0.19. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, sell-side analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

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Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be paid a $0.32 dividend. This is a positive change from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a yield of 2.56%. Chemung Financial's dividend payout ratio (DPR) is currently 25.81%.

Insiders Place Their Bets

In other news, Director Joseph F. Iv Meade acquired 592 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were bought at an average price of $47.33 per share, with a total value of $28,019.36. Following the purchase, the director now owns 3,710 shares of the company's stock, valued at approximately $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.04% of the stock is currently owned by insiders.

Institutional Trading of Chemung Financial

Large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its holdings in shares of Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after buying an additional 869 shares in the last quarter. PL Capital Advisors LLC acquired a new stake in Chemung Financial during the 4th quarter worth about $96,000. Allspring Global Investments Holdings LLC purchased a new position in Chemung Financial during the 4th quarter valued at about $231,000. Wells Fargo & Company MN increased its holdings in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after purchasing an additional 416 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial in the third quarter worth approximately $324,000. 47.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CHMG shares. Piper Sandler started 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. Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Finally, StockNews.com lowered shares of Chemung Financial from a "buy" rating to a "hold" rating in a research report on Wednesday, November 20th.

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.