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

Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade acquired 592 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares in the company, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Chemung Financial Price Performance

Shares of NASDAQ:CHMG opened at $47.10 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial Co. has a one year low of $39.00 and a one year high of $55.73. The business’s fifty day moving average price is $50.50 and its two-hundred day moving average price is $48.22. The stock has a market cap of $224.20 million, a PE ratio of 10.42 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The firm had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. On average, analysts forecast that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

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

Institutional Trading of Chemung Financial

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Chemung Financial during the 3rd quarter worth $324,000. Barclays PLC raised its position in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the last quarter. Finally, Martingale Asset Management L P boosted its holdings in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares during the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on CHMG. StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods increased their price objective 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 started coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price for the company.

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.