Insider Selling: Chemung Financial (NASDAQ:CHMG) Insider Sells 748 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG) insider Daniel 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 completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Chemung Financial Trading Up 3.1%

Shares of NASDAQ CHMG traded up $1.90 during mid-day trading on Thursday, hitting $63.00. 13,900 shares of the company traded hands, compared to its average volume of 6,295. 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 Corp has a 1 year low of $40.71 and a 1 year high of $63.02. The stock has a market capitalization of $302.00 million, a price-to-earnings ratio of 20.06 and a beta of 0.48. The business has a 50 day moving average of $56.25 and a two-hundred day moving average of $53.42.

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

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.2%. Chemung Financial’s payout ratio is currently 43.31%.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several research analyst reports. Zacks Research cut shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $57.00.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CHMG. AQR Capital Management LLC raised its holdings in shares of Chemung Financial by 55.4% during the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock valued at $352,000 after purchasing an additional 2,638 shares in the last quarter. Empowered Funds LLC increased its position in Chemung Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock worth $1,137,000 after buying an additional 1,616 shares during the last quarter. Jane Street Group LLC bought a new position in Chemung Financial during the first quarter valued at about $255,000. JFS Wealth Advisors LLC bought a new position in Chemung Financial during the second quarter valued at about $88,000. Finally, PL Capital Advisors LLC lifted its position 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 buying an additional 4,000 shares during the last quarter. Institutional investors and hedge funds 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.