Elmira Savings Bank (NASDAQ:ESBK) Sees Large Drop in Short Interest

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Elmira Savings Bank (NASDAQ:ESBK) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 700 shares, a decline of 41.7% from the July 31st total of 1,200 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average trading volume of 8,200 shares, the short-interest ratio is currently 0.1 days.

Separately, TheStreet lowered shares of Elmira Savings Bank from a “b-” rating to a “c” rating in a report on Tuesday.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Valicenti Advisory Services Inc. raised its holdings in Elmira Savings Bank by 1.2% in the 2nd quarter. Valicenti Advisory Services Inc. now owns 125,121 shares of the real estate investment trust’s stock worth $2,008,000 after acquiring an additional 1,500 shares during the last quarter. Bank of America Corp DE raised its holdings in Elmira Savings Bank by 30.0% in the 4th quarter. Bank of America Corp DE now owns 8,300 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 1,913 shares during the last quarter. Finally, Morgan Stanley raised its holdings in Elmira Savings Bank by 61.4% in the 2nd quarter. Morgan Stanley now owns 9,937 shares of the real estate investment trust’s stock worth $159,000 after acquiring an additional 3,780 shares during the last quarter. Institutional investors own 15.36% of the company’s stock.

NASDAQ ESBK traded down $0.08 during mid-day trading on Friday, reaching $14.52. The stock had a trading volume of 5,411 shares, compared to its average volume of 6,432. Elmira Savings Bank has a 1 year low of $13.97 and a 1 year high of $20.50. The stock has a market cap of $49.80 million, a PE ratio of 13.88 and a beta of 0.32. The company has a fifty day moving average price of $14.59 and a 200 day moving average price of $16.16.

Elmira Savings Bank (NASDAQ:ESBK) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.21 earnings per share for the quarter. The firm had revenue of $5.22 million during the quarter.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, September 6th will be issued a $0.23 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.92 dividend on an annualized basis and a yield of 6.34%.

About Elmira Savings Bank

Elmira Savings Bank provides banking products and services to individual and commercial customers. It accepts savings and money market accounts, time deposits, retail and commercial checking accounts, certificates of deposit, individual retirement arrangements, and NOW accounts. The company also provides consumer loans comprising auto, truck, and motorcycle loans; personal loans; boats, recreational vehicles, and other outdoor sports equipment loans; home improvement/equity loans; jacuzzi/hot tub/pool loans; and lines of credit.

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