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

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 30,900 shares, an increase of 55.3% from the February 29th total of 19,900 shares. Currently, 0.9% of the shares of the company are short sold. Based on an average daily volume of 7,400 shares, the days-to-cover ratio is currently 4.2 days.

Chemung Financial Stock Performance

CHMG traded up $0.41 during trading on Friday, hitting $42.48. The stock had a trading volume of 3,889 shares, compared to its average volume of 5,801. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $201.78 million, a P/E ratio of 8.05 and a beta of 0.20. The company’s 50-day moving average price is $43.95 and its 200 day moving average price is $44.21. Chemung Financial has a twelve month low of $33.72 and a twelve month high of $51.36.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.36). The company had revenue of $23.77 million during the quarter, compared to analysts’ expectations of $23.52 million. Chemung Financial had a net margin of 18.17% and a return on equity of 12.85%. On average, equities research analysts forecast that Chemung Financial will post 4.86 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 18th will be issued a $0.31 dividend. The ex-dividend date is Friday, March 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.92%. Chemung Financial’s dividend payout ratio is presently 23.48%.

Insider Activity at Chemung Financial

In other news, Director Joseph F. Iv Meade acquired 582 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were bought at an average cost of $48.11 per share, with a total value of $28,000.02. Following the purchase, the director now owns 3,003 shares of the company’s stock, valued at approximately $144,474.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Chemung Financial

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Chemung Financial by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 182,682 shares of the bank’s stock valued at $9,098,000 after purchasing an additional 5,541 shares in the last quarter. Barclays PLC increased its holdings in Chemung Financial by 331.7% during the 4th quarter. Barclays PLC now owns 5,379 shares of the bank’s stock valued at $268,000 after acquiring an additional 4,133 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Chemung Financial during the 4th quarter valued at about $210,000. Bridgeway Capital Management LLC increased its holdings in Chemung Financial by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 55,881 shares of the bank’s stock valued at $2,783,000 after acquiring an additional 1,536 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Chemung Financial by 10.4% during the 4th quarter. Royal Bank of Canada now owns 3,589 shares of the bank’s stock valued at $179,000 after acquiring an additional 338 shares in the last quarter. Hedge funds and other institutional investors 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.