PL Capital Advisors LLC purchased a new stake in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 96,253 shares of the bank's stock, valued at approximately $4,698,000. Chemung Financial accounts for about 0.1% of PL Capital Advisors LLC's portfolio, making the stock its 27th biggest holding. PL Capital Advisors LLC owned about 2.02% of Chemung Financial at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock valued at $3,690,000 after acquiring an additional 1,968 shares during the period. JPMorgan Chase & Co. lifted 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 acquiring an additional 6,802 shares during the period. Barclays PLC lifted its stake in shares of 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 acquiring an additional 5,788 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the fourth quarter valued at $231,000. Finally, Empowered Funds LLC lifted its stake in shares of Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank's stock valued at $1,020,000 after acquiring an additional 1,072 shares during the period. Institutional investors and hedge funds own 47.50% of the company's stock.
Insider Activity
In other Chemung Financial news, Director Joseph F. Iv Meade acquired 592 shares of the business's stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the acquisition, the director now directly owns 3,710 shares of the company's stock, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.04% of the stock is currently owned by company insiders.
Chemung Financial Trading Up 0.4 %
CHMG traded up $0.22 during midday trading on Friday, reaching $51.65. 15,917 shares of the company were exchanged, compared to its average volume of 12,062. 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 stock has a market capitalization of $245.80 million, a P/E ratio of 10.41 and a beta of 0.19. The stock's 50-day simple moving average is $49.23 and its 200 day simple moving average is $48.95.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (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%. As a group, 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 disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. Chemung Financial's payout ratio is 25.81%.
Analysts Set New Price Targets
CHMG has been the topic of several research reports. Piper Sandler initiated coverage on Chemung Financial in a research note on Friday, December 20th. They set a "neutral" rating and a $57.00 price target on the stock. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $54.00 to $60.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Finally, StockNews.com cut Chemung Financial from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th.
Check Out Our Latest Research Report on Chemung Financial
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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