Chemung Financial Co. (NASDAQ:CHMG) Short Interest Up 35.9% in August

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

Insider Activity at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total transaction of $33,921.60. Following the completion of the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at approximately $174,314.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 12.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its holdings in Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after purchasing an additional 1,400 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after acquiring an additional 5,584 shares in the last quarter. Bright Futures Wealth Management LLC. purchased a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $200,000. Acadian Asset Management LLC raised its holdings in shares of Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after acquiring an additional 2,054 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of 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 acquiring an additional 397 shares in the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded down $0.06 during mid-day trading on Monday, reaching $46.90. 3,337 shares of the company traded hands, compared to its average volume of 9,119. The company’s 50 day moving average price is $46.56 and its 200-day moving average price is $44.08. The firm has a market cap of $223.24 million, a PE ratio of 9.00 and a beta of 0.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a 52 week low of $38.75 and a 52 week high of $51.36.

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

Chemung Financial Announces Dividend

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

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.