Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Increases By 25.5%

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 13,800 shares, a growth of 25.5% from the October 15th total of 11,000 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average daily volume of 13,200 shares, the days-to-cover ratio is currently 1.0 days.

Chemung Financial Price Performance

Shares of CHMG stock traded up $0.10 during trading hours on Friday, reaching $51.55. The stock had a trading volume of 12,822 shares, compared to its average volume of 13,693. The stock’s fifty day simple moving average is $48.00 and its 200 day simple moving average is $46.07. The firm has a market capitalization of $245.38 million, a PE ratio of 11.40 and a beta of 0.15. Chemung Financial has a 12 month low of $39.00 and a 12 month high of $52.59. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $1.13 by $0.06. The firm had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. On average, equities research analysts predict that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.31 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.41%. Chemung Financial’s payout ratio is currently 27.43%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. The trade was a 17.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

A number of large investors have recently modified their holdings of CHMG. Bright Futures Wealth Management LLC. bought a new stake in Chemung Financial during the second quarter valued at approximately $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Chemung Financial during the 3rd quarter worth $324,000. Barclays PLC lifted its holdings in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after acquiring an additional 5,788 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after acquiring an additional 397 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after purchasing an additional 4,611 shares in the last quarter. 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.