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

Chemung Financial Co. (NASDAQ:CHMG) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 12,200 shares, a drop of 11.6% from the October 31st total of 13,800 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 13,700 shares, the days-to-cover ratio is currently 0.9 days.

Analyst Ratings Changes

Separately, StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Chemung Financial Stock Performance

Chemung Financial stock traded down $0.23 during midday trading on Tuesday, hitting $52.10. The stock had a trading volume of 8,127 shares, compared to its average volume of 14,978. 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 has a 52-week low of $39.00 and a 52-week high of $52.70. The company has a market capitalization of $248.00 million, a PE ratio of 11.53 and a beta of 0.17. The firm’s fifty day moving average is $48.94 and its two-hundred day moving average is $46.73.

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

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.38%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insider Activity

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 in the company, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Several institutional investors and hedge funds have recently made changes to their positions in CHMG. Vanguard Group Inc. lifted its holdings in Chemung Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after buying an additional 5,649 shares during the period. Dimensional Fund Advisors LP grew its position in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after purchasing an additional 5,584 shares during the last quarter. Geode Capital Management LLC lifted its position in Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after acquiring an additional 1,968 shares during the period. Renaissance Technologies LLC boosted its position in Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,400 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors.

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.