Chemung Financial Co. (NASDAQ:CHMG) Sees Large Increase in Short Interest

Chemung Financial Co. (NASDAQ:CHMG) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 12,500 shares, a growth of 35.9% from the August 15th total of 9,200 shares. Based on an average daily volume of 13,100 shares, the short-interest ratio is presently 1.0 days. Currently, 0.4% of the company’s shares are sold short.

Chemung Financial Trading Up 0.1 %

NASDAQ CHMG traded up $0.03 during mid-day trading on Monday, hitting $46.99. The company’s stock had a trading volume of 6,452 shares, compared to its average volume of 9,136. Chemung Financial has a 52-week low of $38.75 and a 52-week high of $51.36. The stock’s fifty day simple moving average is $46.56 and its two-hundred day simple moving average is $44.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $223.67 million, a P/E ratio of 9.00 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.07). Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. The business had revenue of $36.98 million during the quarter, compared to analysts’ expectations of $24.08 million. Research analysts expect that Chemung Financial will post 4.81 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, September 19th. Chemung Financial’s dividend payout ratio is presently 23.75%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Thomas W. Wirth sold 764 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the sale, the executive vice president now directly owns 3,926 shares of the company’s stock, valued at approximately $174,314.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Hedge funds have recently added to or reduced their stakes in the stock. Bright Futures Wealth Management LLC. bought a new stake in shares of Chemung Financial during the second quarter valued at about $200,000. BNP Paribas Financial Markets raised its position in Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after acquiring an additional 5,081 shares in the last quarter. Bank of New York Mellon Corp raised its position in Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after acquiring an additional 397 shares in the last quarter. Empowered Funds LLC raised its position in Chemung Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after acquiring an additional 2,011 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Company Profile

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.