Chemung Financial (NASDAQ:CHMG) EVP Loren Cole Sells 5,160 Shares

Chemung Financial Corp (NASDAQ:CHMG) EVP Loren Cole sold 5,160 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the sale, the executive vice president directly owned 5,164 shares of the company’s stock, valued at approximately $431,194. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Chemung Financial Stock Performance

Shares of Chemung Financial stock traded down $0.86 on Thursday, hitting $82.69. 17,351 shares of the company’s stock were exchanged, compared to its average volume of 33,679. Chemung Financial Corp has a 1 year low of $49.82 and a 1 year high of $86.00. The company has a 50-day simple moving average of $81.18 and a 200-day simple moving average of $70.17. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a market capitalization of $398.57 million, a PE ratio of 11.88 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping the consensus estimate of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. As a group, equities analysts anticipate that Chemung Financial Corp will post 7.54 EPS for the current year.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be given a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. Chemung Financial’s dividend payout ratio (DPR) is currently 19.54%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CHMG shares. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Raymond James Financial assumed coverage on shares of Chemung Financial in a research report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price target for the company. Finally, Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $84.00.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors have recently added to or reduced their stakes in CHMG. BlackRock Inc. purchased a new position in shares of Chemung Financial during the second quarter valued at about $29,197,000. The Manufacturers Life Insurance Company bought a new position in shares of Chemung Financial during the 2nd quarter valued at approximately $12,098,000. PL Capital Advisors LLC grew its holdings in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after purchasing an additional 50,209 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Chemung Financial in the second quarter valued at $2,347,000. Finally, Empowered Funds LLC purchased a new stake in Chemung Financial during the second quarter valued at $2,010,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.