Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Thomas Tyrrell sold 788 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $65.33, for a total value of $51,480.04. Following the sale, the director directly owned 8,050 shares in the company, valued at $525,906.50. This trade represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Chemung Financial Stock Up 1.0%
Shares of CHMG opened at $67.51 on Tuesday. The stock has a market capitalization of $325.40 million, a price-to-earnings ratio of 17.81 and a beta of 0.45. Chemung Financial Corp has a 1 year low of $43.00 and a 1 year high of $70.83. The business's 50 day simple moving average is $57.12 and its 200-day simple moving average is $55.68. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The bank reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.28. The business had revenue of $29.90 million for the quarter, compared to analysts' expectations of $29.21 million. Chemung Financial had a return on equity of 12.68% and a net margin of 12.77%. As a group, equities analysts expect that Chemung Financial Corp will post 6.75 earnings per share for the current fiscal year.
Chemung Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, March 18th. Chemung Financial's dividend payout ratio is 35.88%.
Institutional Trading of Chemung Financial
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its holdings in Chemung Financial by 34.4% during the 4th quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank's stock valued at $1,021,000 after buying an additional 4,719 shares during the period. Invesco Ltd. purchased a new stake in Chemung Financial during the 4th quarter valued at $232,000. AQR Capital Management LLC raised its holdings in Chemung Financial by 8.7% during the 4th quarter. AQR Capital Management LLC now owns 18,521 shares of the bank's stock valued at $1,033,000 after buying an additional 1,486 shares during the period. Trexquant Investment LP raised its holdings in Chemung Financial by 17.2% during the 4th quarter. Trexquant Investment LP now owns 5,673 shares of the bank's stock valued at $317,000 after buying an additional 833 shares during the period. Finally, Captrust Financial Advisors raised its holdings in Chemung Financial by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank's stock valued at $440,000 after buying an additional 372 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on CHMG. Zacks Research raised Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a report on Sunday, April 19th. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a report on Wednesday, January 28th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Chemung Financial in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.00.
Read Our Latest Research Report on Chemung Financial
About Chemung Financial
(
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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