Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Expands By 35.2%

Chemung Financial Co. (NASDAQ:CHMG) was the target of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 14,200 shares, a growth of 35.2% from the January 31st total of 10,500 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average trading volume of 13,400 shares, the days-to-cover ratio is presently 1.1 days.

Insider Buying and Selling

In related news, Director Joseph F. Iv Meade bought 592 shares of Chemung Financial stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average price of $47.33 per share, with a total value of $28,019.36. Following the acquisition, the director now owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. This represents a 18.99 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Several hedge funds have recently bought and sold shares of CHMG. Hsbc Holdings PLC boosted its position in shares of Chemung Financial by 4.7% during the 4th quarter. Hsbc Holdings PLC now owns 8,572 shares of the bank’s stock worth $420,000 after acquiring an additional 385 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock valued at $268,000 after purchasing an additional 416 shares in the last quarter. BNP Paribas Financial Markets grew its position in Chemung Financial by 8.2% in the fourth quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank’s stock valued at $356,000 after acquiring an additional 552 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock worth $83,000 after acquiring an additional 869 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Chemung Financial by 4.9% during the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after acquiring an additional 1,033 shares in the last quarter. 47.50% of the stock is owned by institutional investors.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG opened at $50.80 on Tuesday. Chemung Financial has a 12-month low of $39.00 and a 12-month high of $55.73. The company’s 50 day moving average price is $49.25 and its two-hundred day moving average price is $49.06. The firm has a market cap of $241.76 million, a PE ratio of 10.24 and a beta of 0.19. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Equities research analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Tuesday, March 18th. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s payout ratio is 25.81%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CHMG shares. Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective for the company. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods upped their price objective on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

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.