Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Drops By 11.6%

Chemung Financial Co. (NASDAQ:CHMG) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 12,200 shares, a drop of 11.6% from the October 31st total of 13,800 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 13,700 shares, the days-to-cover ratio is currently 0.9 days.

Chemung Financial Stock Performance

Shares of CHMG traded up $0.50 during mid-day trading on Friday, reaching $52.33. The company’s stock had a trading volume of 7,761 shares, compared to its average volume of 15,062. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market cap of $249.09 million, a P/E ratio of 11.58 and a beta of 0.15. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $52.70. The business has a 50-day simple moving average of $48.86 and a two-hundred day simple moving average of $46.64.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. The firm had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. As a group, equities research analysts anticipate that Chemung Financial will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.37%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insider Buying and Selling at Chemung Financial

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

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently made changes to their positions in the company. Bright Futures Wealth Management LLC. bought a new stake in shares of Chemung Financial in the second quarter valued at about $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the 3rd quarter valued at about $324,000. Barclays PLC grew its position in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Chemung Financial by 3.5% during the second 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. Finally, Martingale Asset Management L P raised its position in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

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.