Chemung Financial (NASDAQ:CHMG) EVP Loren Cole Sells 5,160 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG) EVP Loren Cole sold 5,160 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the completion of the transaction, the executive vice president directly owned 5,164 shares of the company’s stock, valued at $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $82.68 on Friday. The business’s 50 day moving average price is $81.34 and its 200 day moving average price is $70.37. The firm has a market cap of $398.52 million, a P/E ratio of 11.88 and a beta of 0.57. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. Chemung Financial Corp has a 52 week low of $49.82 and a 52 week high of $86.00.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. On average, sell-side analysts expect that Chemung Financial Corp will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 17th. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio is 19.54%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, August 30th. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Finally, Raymond James Financial assumed coverage on Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $84.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Chemung Financial in the second quarter valued at approximately $29,197,000. Dimensional Fund Advisors LP increased its holdings in shares of Chemung Financial by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Chemung Financial during the 2nd quarter worth about $12,098,000. PL Capital Advisors LLC boosted its position in shares of Chemung Financial by 84.9% during the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after purchasing an additional 50,209 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Chemung Financial during the second quarter valued at approximately $2,347,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.