Connor Clark & Lunn Investment Management Ltd. increased its stake in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 209.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,879 shares of the bank's stock after purchasing an additional 14,134 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.44% of Chemung Financial worth $1,019,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. PL Capital Advisors LLC acquired a new stake in shares of Chemung Financial in the 4th quarter worth approximately $96,000. Allspring Global Investments Holdings LLC acquired a new stake in Chemung Financial in the fourth quarter worth approximately $231,000. Raymond James Financial Inc. acquired a new stake in Chemung Financial in the fourth quarter worth approximately $412,000. Barclays PLC boosted its stake in Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank's stock valued at $444,000 after purchasing an additional 5,788 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank's stock worth $467,000 after buying an additional 6,802 shares in the last quarter. Institutional investors own 47.50% of the company's stock.
Insider Buying and Selling
In other Chemung Financial news, Director Joseph F. Iv Meade purchased 592 shares of the company's stock in a transaction dated 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 purchase, the director now directly owns 3,710 shares in the company, valued at $175,594.30. This trade represents a 18.99 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.04% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of brokerages have weighed in on CHMG. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler assumed coverage on shares of Chemung Financial in a research note on Friday, December 20th. They set a "neutral" rating and a $57.00 target price for the company.
View Our Latest Report on CHMG
Chemung Financial Trading Up 2.7 %
Shares of Chemung Financial stock traded up $1.27 on Monday, reaching $48.18. 9,183 shares of the company were exchanged, compared to its average volume of 12,538. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The firm has a market capitalization of $230.73 million, a price-to-earnings ratio of 9.71 and a beta of 0.13. The stock has a fifty day moving average price of $49.53 and a 200-day moving average price of $49.32.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share 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, analysts expect that Chemung Financial Co. will post 5.38 EPS for the current year.
Chemung Financial Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be paid a $0.32 dividend. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, March 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.66%. Chemung Financial's payout ratio is presently 25.81%.
About Chemung Financial
(
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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