Chemung Financial (NASDAQ:CHMG) Director Robert Dalrymple Sells 2,833 Shares

Chemung Financial Corp (NASDAQ:CHMG) Director Robert Dalrymple sold 2,833 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the completion of the sale, the director owned 1,351 shares of the company’s stock, valued at $76,412.56. The trade was a 67.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Chemung Financial Price Performance

NASDAQ:CHMG traded up $0.47 on Thursday, reaching $57.97. 5,026 shares of the company’s stock traded hands, compared to its average volume of 7,250. The stock has a 50-day simple moving average of $57.72 and a 200-day simple moving average of $54.35. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $65.50. The firm has a market cap of $277.65 million, a PE ratio of 18.46 and a beta of 0.48. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.01. Chemung Financial had a return on equity of 11.80% and a net margin of 10.73%.The company had revenue of $30.52 million for the quarter, compared to the consensus estimate of $29.48 million. Equities research analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, March 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.3%. Chemung Financial’s dividend payout ratio (DPR) is presently 43.31%.

Analyst Ratings Changes

Several equities analysts recently weighed in on CHMG shares. Zacks Research raised shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, February 6th. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Finally, 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 research note on Wednesday, January 28th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $57.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHMG. PL Capital Advisors LLC grew its position in Chemung Financial by 890.1% in the 3rd quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock valued at $3,105,000 after acquiring an additional 53,155 shares during the last quarter. Empower Advisory Group LLC purchased a new stake in shares of Chemung Financial during the second quarter valued at $802,000. Fourthstone LLC purchased a new stake in shares of Chemung Financial during the second quarter valued at $789,000. Geode Capital Management LLC grew its holdings in shares of Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after purchasing an additional 12,917 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Chemung Financial by 44.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock worth $2,179,000 after buying an additional 11,981 shares during the period. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.