Chemung Financial (NASDAQ:CHMG) Shares Cross Above 200-Day Moving Average – Should You Sell?

Chemung Financial Corp (NASDAQ:CHMG)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $53.84 and traded as high as $61.24. Chemung Financial shares last traded at $60.68, with a volume of 8,470 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Zacks Research upgraded Chemung Financial from a “strong sell” rating to a “hold” rating in a report on Friday, February 6th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Chemung Financial has an average rating of “Hold” and a consensus price target of $57.00.

Chemung Financial Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.98. The firm’s 50-day moving average price is $57.59 and its two-hundred day moving average price is $53.88. The stock has a market cap of $284.96 million, a price-to-earnings ratio of 18.93 and a beta of 0.48.

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

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 19th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, December 19th. Chemung Financial’s dividend payout ratio is presently 43.31%.

Insider Transactions at Chemung Financial

In other Chemung Financial news, insider Daniel D. Fariello sold 748 shares of Chemung Financial stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the sale, the insider owned 7,110 shares in the company, valued at $434,634.30. The trade was a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Chemung Financial by 55.4% during the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after purchasing an additional 2,638 shares in the last quarter. Empowered Funds LLC boosted its position in Chemung Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after buying an additional 1,616 shares during the period. Jane Street Group LLC acquired a new position in shares of Chemung Financial in the first quarter worth $255,000. PL Capital Advisors LLC grew its stake in shares of Chemung Financial by 202.8% in the second quarter. PL Capital Advisors LLC now owns 5,972 shares of the bank’s stock worth $289,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Chemung Financial during the second quarter worth $73,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.