Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Expands By 9.6%

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

Insider Activity at Chemung Financial

In other Chemung Financial news, EVP Thomas W. Wirth sold 764 shares of Chemung Financial 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 completion of the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its stake in shares of Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares during the period. Dimensional Fund Advisors LP lifted its position in Chemung Financial by 4.4% in the second 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 period. Bright Futures Wealth Management LLC. bought a new position in Chemung Financial during the 2nd quarter valued at $200,000. Acadian Asset Management LLC raised its stake in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after buying an additional 397 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Stock Performance

Shares of Chemung Financial stock traded down $0.52 during trading on Tuesday, hitting $47.50. 1,816 shares of the stock were exchanged, compared to its average volume of 9,447. The stock has a market cap of $225.72 million, a PE ratio of 9.20 and a beta of 0.15. The stock’s fifty day moving average is $46.69 and its 200 day moving average is $44.51. Chemung Financial has a 12 month low of $38.75 and a 12 month high of $51.36. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 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 analyst estimates of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. As a group, sell-side analysts anticipate that Chemung Financial will post 4.81 EPS for the current year.

Chemung Financial Announces Dividend

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

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.