Chemung Financial Corp (NASDAQ:) has disclosed in a recent filing that Loren D. Cole, the Executive Vice President and Chief Information Officer, sold 1,000 shares of the company’s common stock. The transaction, which took place on November 6, 2024, was executed at a price of $51.21 per share, totaling $51,210.
Following this sale, Cole holds 4,771 shares directly. Additionally, Cole has indirect ownership of 5,877.987 shares through a qualified plan, which includes dividends issued periodically under the company’s Dividend Reinvestment Plan, and 105 shares held by a spouse.
InvestingPro Insights
As Chemung Financial Corp (NASDAQ:CHMG) experiences insider selling, it’s worth noting some key financial metrics and insights from InvestingPro. The company’s stock is currently trading near its 52-week high, with a strong return of 16.89% over the last three months. This performance aligns with the recent insider transaction price of $51.21 per share.
Chemung Financial’s market capitalization stands at $243.89 million, with a price-to-earnings ratio of 11.3, suggesting a relatively modest valuation compared to industry averages. The company’s price-to-book ratio of 1.1 indicates that the stock is trading close to its book value.
One of the InvestingPro Tips highlights that Chemung Financial has maintained dividend payments for an impressive 51 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency in dividend payments could be particularly attractive to income-focused investors, especially considering the current dividend yield of 2.42%.
While the company has shown profitability over the last twelve months, it’s important to note that revenue growth has been negative, with a -6.04% decline in the last twelve months. Despite this, analysts predict that the company will remain profitable this year, which may provide some reassurance to investors in light of the recent insider selling activity.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for Chemung Financial Corp. These tips could provide valuable context for understanding the company’s financial health and future prospects.
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