Chemung Financial Co. (NASDAQ:CHMG) Short Interest Update

Chemung Financial Co. (NASDAQ:CHMG) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 12,500 shares, a growth of 35.9% from the August 15th total of 9,200 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average trading volume of 13,100 shares, the days-to-cover ratio is currently 1.0 days.

Chemung Financial Price Performance

NASDAQ:CHMG traded up $0.29 during midday trading on Friday, hitting $46.96. 10,282 shares of the stock were exchanged, compared to its average volume of 9,152. The company has a market capitalization of $223.53 million, a price-to-earnings ratio of 9.00 and a beta of 0.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. Chemung Financial has a one year low of $38.75 and a one year high of $51.36. The business has a 50-day moving average price of $46.56 and a two-hundred day moving average price of $44.07.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. The firm had revenue of $36.98 million during the quarter, compared to the consensus estimate of $24.08 million. Sell-side analysts predict that Chemung Financial will post 4.81 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, September 19th. Chemung Financial’s payout ratio is 23.75%.

Insiders Place Their Bets

In related news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the sale, the executive vice president now directly owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares during the last quarter. Empowered Funds LLC raised its position in shares of Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after purchasing an additional 1,400 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Chemung Financial by 8.7% in the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after purchasing an additional 2,011 shares during the period. Finally, Bright Futures Wealth Management LLC. purchased a new position in Chemung Financial in the 2nd quarter worth about $200,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

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.