Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 20.5% in December

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 14,700 shares, an increase of 20.5% from the November 30th total of 12,200 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average daily volume of 14,500 shares, the days-to-cover ratio is presently 1.0 days.

Chemung Financial Stock Performance

CHMG traded down $0.19 on Tuesday, reaching $48.81. The stock had a trading volume of 7,410 shares, compared to its average volume of 10,750. The business’s 50-day moving average price is $50.82 and its two-hundred day moving average price is $47.98. The company has a market cap of $232.29 million, a P/E ratio of 10.80 and a beta of 0.17. Chemung Financial has a 12-month low of $39.00 and a 12-month high of $55.73. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. The firm had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. Sell-side analysts forecast that Chemung Financial will post 4.94 earnings per share for the current year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is currently 27.43%.

Insider Transactions at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bright Futures Wealth Management LLC. acquired a new stake in shares of Chemung Financial in the 2nd quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Chemung Financial in the third quarter valued at about $324,000. Barclays PLC boosted its holdings in Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after purchasing an additional 6,802 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Chemung Financial by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CHMG. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler initiated coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price on the stock. Finally, StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.