JPMorgan Chase & Co. Grows Stake in Chemung Financial Co. (NASDAQ:CHMG)

JPMorgan Chase & Co. grew its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 233.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,720 shares of the bank's stock after purchasing an additional 6,802 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.20% of Chemung Financial worth $467,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in shares of 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 purchasing an additional 5,584 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank's stock valued at $1,647,000 after buying an additional 1,400 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Chemung Financial by 5.3% in the 3rd 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 last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Chemung Financial during the 3rd quarter worth $324,000. Finally, Martingale Asset Management L P boosted its position in shares of Chemung Financial by 61.8% during the 3rd 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. Hedge funds and other institutional investors own 47.50% of the company's stock.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph F. Iv Meade purchased 592 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were bought at an average price 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 $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.04% of the stock is currently owned by corporate insiders.

Chemung Financial Trading Down 1.7 %

Shares of Chemung Financial stock traded down $0.85 on Friday, reaching $50.55. The company had a trading volume of 14,351 shares, compared to its average volume of 8,618. The firm's 50 day moving average price is $49.93 and its two-hundred day moving average price is $48.42. 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 52-week low of $39.00 and a 52-week high of $55.73. The firm has a market cap of $240.62 million, a PE ratio of 10.19 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Sell-side analysts predict that Chemung Financial Co. will post 5.25 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date was Thursday, December 19th. Chemung Financial's dividend payout ratio (DPR) is 25.00%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CHMG shares. StockNews.com lowered shares of Chemung Financial from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Piper Sandler initiated coverage on Chemung Financial in a report on Friday, December 20th. They issued a "neutral" rating and a $57.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted 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.

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.