Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) Director Joseph F. Iv Meade purchased 592 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were acquired at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the purchase, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Chemung Financial Trading Up 1.0 %
NASDAQ:CHMG traded up $0.45 during mid-day trading on Friday, hitting $47.10. 6,721 shares of the stock traded hands, compared to its average volume of 6,675. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73. The stock has a market capitalization of $224.20 million, a price-to-earnings ratio of 10.42 and a beta of 0.19. The firm's 50 day moving average is $50.57 and its two-hundred day moving average is $48.22.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The firm had revenue of $38.28 million for the quarter, compared to analysts' expectations of $24.00 million. On average, equities research analysts predict that Chemung Financial Co. will post 4.94 earnings per share for the current year.
Chemung Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Thursday, December 19th. Chemung Financial's dividend payout ratio (DPR) is 27.43%.
Analyst Ratings Changes
A number of research analysts recently commented on the stock. Piper Sandler began coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a "neutral" rating and a $57.00 price target for the company. StockNews.com lowered Chemung Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods boosted 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.
Check Out Our Latest Stock Analysis on Chemung Financial
Institutional Investors Weigh In On Chemung Financial
Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised 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 worth $558,000 after purchasing an additional 397 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Chemung Financial by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock valued at $6,342,000 after purchasing an additional 5,584 shares during the last quarter. Renaissance Technologies LLC lifted its stake 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 buying an additional 1,400 shares during the period. Empowered Funds LLC grew its stake in Chemung Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank's stock valued at $1,020,000 after purchasing an additional 1,072 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Chemung Financial in the third quarter valued at approximately $324,000. Hedge funds and other institutional investors own 47.50% of the company's stock.
About Chemung Financial
(
Get Free Report)
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.
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