Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 9.6% in September

by · The Markets Daily

Chemung Financial Co. (NASDAQ:CHMG – Get Free Report) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 13,700 shares, a growth of 9.6% from the August 31st total of 12,500 shares. Approximately 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 14,300 shares, the short-interest ratio is presently 1.0 days.

Insider Buying and Selling

In related news, EVP Thomas W. Wirth sold 764 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total value of $33,921.60. Following the transaction, the executive vice president now owns 3,926 shares of the company’s stock, valued at $174,314.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its position 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 buying an additional 2,054 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after acquiring an additional 1,400 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Chemung Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after acquiring an additional 5,081 shares during the period. Finally, Bank of New York Mellon Corp lifted its position 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 period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Stock Down 1.1 %

NASDAQ:CHMG traded down $0.52 during trading hours on Tuesday, reaching $47.50. The company’s stock had a trading volume of 1,898 shares, compared to its average volume of 9,448. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $225.72 million, a P/E ratio of 9.20 and a beta of 0.15. The stock has a 50 day moving average price of $46.69 and a two-hundred day moving average price of $44.51. Chemung Financial has a 12 month low of $38.75 and a 12 month high of $51.36.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.07). The firm had revenue of $36.98 million during the quarter, compared to analysts’ expectations of $24.08 million. Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. Equities analysts predict that Chemung Financial will post 4.81 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.61%. Chemung Financial’s payout ratio is 23.75%.

Chemung Financial Company Profile

(Get Free Report)

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.

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