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| Grab This Bargain Even Cheaper Than Director Meade IV DidBy Dividend Channel Staff, Tuesday, January 30, 10:05 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on January 17, Chemung Financial Corp.'s Director, Joseph F. Meade IV, invested $28,000.02 into 582 shares of CHMG, for a cost per share of $48.11. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Tuesday, bargain hunters could buy shares of Chemung Financial Corp. (NASDAQ:CHMG) and achieve a cost basis even cheaper than Meade IV, with shares changing hands as low as $47.88 per share. Chemung Financial Corp. shares are currently trading down about 3.4% on the day. The chart below shows the one year performance of CHMG shares, versus its 200 day moving average:
Looking at the chart above, CHMG's low point in its 52 week range is $33.72 per share, with $53.43 as the 52 week high point — that compares with a last trade of $47.88. By comparison, below is a table showing the prices at which CHMG insider buying was recorded over the last six months:
The current annualized dividend paid by Chemung Financial Corp. is $1.24/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 12/18/2023. Below is a long-term dividend history chart for CHMG, which can be of good help in judging whether the most recent dividend with approx. 2.6% annualized yield is likely to continue.
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