Chemung Financial (NASDAQ:CHMG) Shares Pass Above 200 Day Moving Average – Time to Sell?

Chemung Financial Corp (NASDAQ:CHMG)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $52.73 and traded as high as $58.21. Chemung Financial shares last traded at $56.73, with a volume of 5,348 shares.

Analyst Ratings Changes

CHMG has been the subject of several analyst reports. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chemung Financial currently has an average rating of “Reduce” and an average price target of $54.50.

Chemung Financial Price Performance

The firm has a fifty day moving average of $54.36 and a 200 day moving average of $52.79. The company has a market capitalization of $264.82 million, a P/E ratio of 19.94 and a beta of 0.49. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Tuesday, October 21st. The bank reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($0.06). Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. The company had revenue of $28.78 million for the quarter, compared to the consensus estimate of $28.09 million. On average, equities research analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, December 19th. Chemung Financial’s payout ratio is 49.10%.

Insiders Place Their Bets

In other news, Director Jeffrey B. Streeter purchased 2,184 shares of the stock in a transaction dated Wednesday, October 29th. The shares were purchased at an average cost of $51.92 per share, with a total value of $113,393.28. Following the acquisition, the director directly owned 32,726 shares of the company’s stock, valued at $1,699,133.92. This represents a 7.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.41% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC lifted its holdings in Chemung Financial by 890.1% in the third 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 period. Empower Advisory Group LLC bought a new position in shares of Chemung Financial in the 2nd quarter worth approximately $802,000. Fourthstone LLC purchased a new position in shares of Chemung Financial in the second quarter worth approximately $789,000. Geode Capital Management LLC grew its position in Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after buying an additional 12,917 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in Chemung Financial during the second quarter valued at approximately $441,000. Hedge funds and other 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.