Bank of New York Mellon Corp Grows Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Bank of New York Mellon Corp increased its position in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 117.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,596 shares of the bank's stock after purchasing an additional 10,584 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.41% of Chemung Financial worth $956,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Chemung Financial during the 4th quarter valued at about $231,000. Empowered Funds LLC boosted its stake in shares of Chemung Financial by 4.9% during the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock valued at $1,087,000 after purchasing an additional 1,033 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank's stock valued at $467,000 after purchasing an additional 6,802 shares in the last quarter. Barclays PLC increased its holdings in Chemung Financial by 167.9% during 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. Finally, Geode Capital Management LLC raised its stake in Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock worth $3,690,000 after buying an additional 1,968 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity

In related news, Director Joseph F. Iv Meade acquired 592 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the acquisition, the director now directly owns 3,710 shares of the company's stock, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.04% of the company's stock.

Chemung Financial Stock Down 1.1 %

NASDAQ:CHMG traded down $0.53 during midday trading on Friday, reaching $46.79. 5,471 shares of the stock traded hands, compared to its average volume of 12,960. The business has a 50-day moving average of $49.62 and a two-hundred day moving average of $49.33. 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 12-month low of $39.00 and a 12-month high of $55.73. The stock has a market capitalization of $224.08 million, a PE ratio of 9.43 and a beta of 0.13.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. On average, equities analysts forecast that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be paid a dividend of $0.32 per share. This is a positive change from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.74%. Chemung Financial's payout ratio is presently 25.81%.

Analysts Set New Price Targets

Several analysts have issued reports on CHMG shares. Keefe, Bruyette & Woods increased their target price on Chemung Financial from $54.00 to $60.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Piper Sandler initiated coverage on Chemung Financial in a research report on Friday, December 20th. They set a "neutral" rating and a $57.00 price objective on the stock.

Chemung Financial 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.