Short Interest in Chemung Financial Corp (NASDAQ:CHMG) Drops By 34.3%

by · The Cerbat Gem

Chemung Financial Corp (NASDAQ:CHMG – Get Free Report) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 17,627 shares, a drop of 34.3% from the December 15th total of 26,824 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average trading volume of 6,429 shares, the days-to-cover ratio is presently 2.7 days. Based on an average trading volume of 6,429 shares, the days-to-cover ratio is presently 2.7 days. Approximately 0.4% of the shares of the company are short sold.

Chemung Financial Stock Performance

NASDAQ:CHMG traded down $0.31 on Friday, reaching $56.42. 1,504 shares of the company’s stock were exchanged, compared to its average volume of 6,035. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $270.25 million, a price-to-earnings ratio of 20.37 and a beta of 0.49. Chemung Financial has a 52 week low of $40.71 and a 52 week high of $60.80. The stock has a fifty day simple moving average of $54.27 and a 200-day simple moving average of $52.73.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last posted its quarterly earnings results on Tuesday, October 21st. The bank reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($0.06). The business had revenue of $28.78 million during the quarter, compared to the consensus estimate of $28.09 million. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. As a group, sell-side analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were given a dividend of $0.34 per share. The ex-dividend date was Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 2.4%. Chemung Financial’s dividend payout ratio is currently 49.10%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CHMG shares. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a report on Monday, December 29th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, Zacks Research downgraded shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Chemung Financial currently has an average rating of “Reduce” and a consensus price target of $54.50.

View Our Latest Stock Report on Chemung Financial

Insiders Place Their Bets

In other Chemung Financial news, Director Jeffrey B. Streeter acquired 2,184 shares of Chemung Financial stock in a transaction on Wednesday, October 29th. The stock was purchased at an average price of $51.92 per share, for a total transaction of $113,393.28. Following the purchase, the director directly owned 32,726 shares of the company’s stock, valued at $1,699,133.92. This trade represents a 7.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.41% of the company’s stock.

Institutional Trading of Chemung Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after purchasing an additional 330 shares in the last quarter. Bridgeway Capital Management LLC increased its position 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 valued at $3,683,000 after buying an additional 350 shares during the period. Russell Investments Group Ltd. increased its position 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 valued at $48,000 after buying an additional 412 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after buying an additional 426 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Chemung Financial by 3.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,758 shares of the bank’s stock valued at $670,000 after acquiring an additional 441 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Company Profile

(Get Free Report)

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.

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