Insider Selling: Chemung Financial Co. (NASDAQ:CHMG) EVP Sells 764 Shares of Stock

Chemung Financial Co. (NASDAQ:CHMG) EVP Thomas W. Wirth sold 764 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total value of $33,921.60. Following the sale, the executive vice president now 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 can be accessed through the SEC website.

Chemung Financial Stock Down 0.5 %

Chemung Financial stock traded down $0.23 during mid-day trading on Tuesday, reaching $44.14. 9,977 shares of the company were exchanged, compared to its average volume of 8,863. The business has a fifty day moving average of $45.37 and a 200 day moving average of $43.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $209.67 million, a P/E ratio of 8.50 and a beta of 0.17. Chemung Financial Co. has a 12-month low of $38.64 and a 12-month high of $51.36.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). Chemung Financial had a return on equity of 11.53% and a net margin of 16.02%. The business had revenue of $36.98 million for the quarter, compared to analyst estimates of $24.08 million. Research analysts anticipate that Chemung Financial Co. will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Monday, June 17th. Chemung Financial’s dividend payout ratio is currently 23.75%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their target price on Chemung Financial from $51.00 to $49.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its stake in shares of Chemung Financial by 8.1% during the 1st 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. Acadian Asset Management LLC lifted its stake in Chemung Financial by 8.7% in the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after buying an additional 2,011 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Chemung Financial by 369.5% in the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after buying an additional 5,081 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after buying an additional 397 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Chemung Financial by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after buying an additional 5,649 shares in the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

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.