Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade Buys 592 Shares

Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade bought 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The stock was acquired at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the acquisition, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This represents a 18.99 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chemung Financial Trading Up 1.0 %

NASDAQ CHMG opened at $47.10 on Monday. Chemung Financial Co. has a twelve month low of $39.00 and a twelve month high of $55.73. The business’s fifty day moving average is $50.50 and its 200 day moving average is $48.25. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The company has a market cap of $224.20 million, a price-to-earnings ratio of 10.42 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.06. The company had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. As a group, sell-side analysts expect that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.63%. The ex-dividend date was Thursday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is currently 27.43%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CHMG shares. StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective for the company.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its position in Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after purchasing an additional 1,968 shares during the last quarter. Barclays PLC increased its stake in shares of Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after buying an additional 5,788 shares during the period. Renaissance Technologies LLC raised its position in shares of Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after acquiring an additional 1,072 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after acquiring an additional 397 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Company Profile

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.