Thomas Tyrrell Sells 788 Shares of Chemung Financial (NASDAQ:CHMG) Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Thomas Tyrrell sold 788 shares of Chemung Financial stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $65.33, for a total transaction of $51,480.04. Following the transaction, the director directly owned 8,050 shares of the company’s stock, valued at approximately $525,906.50. This trade represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded up $0.16 during trading on Monday, hitting $66.99. 14,394 shares of the stock traded hands, compared to its average volume of 7,490. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The company has a market cap of $322.89 million, a price-to-earnings ratio of 17.66 and a beta of 0.45. The company has a fifty day moving average price of $56.95 and a two-hundred day moving average price of $55.57. Chemung Financial Corp has a 52-week low of $43.00 and a 52-week high of $70.83.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.28. The firm had revenue of $29.90 million during the quarter, compared to analyst estimates of $29.21 million. Chemung Financial had a net margin of 12.77% and a return on equity of 12.68%. As a group, equities analysts predict that Chemung Financial Corp will post 6.75 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, March 18th. Chemung Financial’s payout ratio is 35.88%.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHMG. PNC Financial Services Group Inc. grew its holdings in shares of Chemung Financial by 11.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock worth $129,000 after buying an additional 245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Chemung Financial by 16.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after buying an additional 330 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Chemung Financial by 0.5% during the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after buying an additional 350 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Chemung Financial by 5.0% during the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock worth $440,000 after buying an additional 372 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CHMG shares. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.00.

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.