Chemung Financial (NASDAQ:CHMG) Director Sells $160,234.48 in Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Robert Dalrymple sold 2,833 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the transaction, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Chemung Financial Trading Up 0.8%

Shares of NASDAQ CHMG traded up $0.47 during trading hours on Thursday, reaching $57.97. The stock had a trading volume of 5,026 shares, compared to its average volume of 7,250. Chemung Financial Corp has a 52-week low of $40.71 and a 52-week high of $65.50. The firm has a market cap of $277.65 million, a price-to-earnings ratio of 18.46 and a beta of 0.48. The business’s fifty day moving average price is $57.72 and its two-hundred day moving average price is $54.35. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a return on equity of 11.80% and a net margin of 10.73%.The business had revenue of $30.52 million during the quarter, compared to analyst estimates of $29.48 million. Analysts expect that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, March 18th. Chemung Financial’s payout ratio is presently 43.31%.

Analyst Upgrades and Downgrades

CHMG has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a report on Monday, December 29th. Zacks Research upgraded shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CHMG. Invesco Ltd. purchased a new stake in Chemung Financial in the fourth quarter valued at approximately $232,000. AQR Capital Management LLC boosted its holdings in shares of Chemung Financial by 8.7% in the 4th quarter. AQR Capital Management LLC now owns 18,521 shares of the bank’s stock valued at $1,033,000 after acquiring an additional 1,486 shares during the last quarter. Trexquant Investment LP increased its stake in shares of Chemung Financial by 17.2% in the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank’s stock worth $317,000 after acquiring an additional 833 shares during the period. Captrust Financial Advisors increased its stake in shares of Chemung Financial by 5.0% in the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock worth $440,000 after acquiring an additional 372 shares during the period. Finally, Panagora Asset Management Inc. raised its holdings in shares of Chemung Financial by 18.0% during the fourth quarter. Panagora Asset Management Inc. now owns 15,609 shares of the bank’s stock worth $871,000 after purchasing an additional 2,384 shares during the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.