Raymond James Financial Inc. Acquires New Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Raymond James Financial Inc. acquired a new position in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,433 shares of the bank's stock, valued at approximately $412,000. Raymond James Financial Inc. owned about 0.18% of Chemung Financial at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CHMG. PL Capital Advisors LLC acquired a new stake in shares of Chemung Financial in the 4th quarter worth about $96,000. Bank of New York Mellon Corp lifted its holdings in shares of Chemung Financial by 117.4% in the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank's stock valued at $956,000 after purchasing an additional 10,584 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Chemung Financial during the fourth quarter valued at approximately $231,000. Empowered Funds LLC boosted its position 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 buying an additional 1,033 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Chemung Financial by 233.1% during the third 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. 47.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, 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 objective on the stock.

Chemung Financial Stock Performance

Shares of Chemung Financial stock traded down $0.83 during mid-day trading on Friday, hitting $40.73. 5,383 shares of the stock were exchanged, compared to its average volume of 13,316. The company has a market capitalization of $195.06 million, a P/E ratio of 8.21 and a beta of 0.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50-day simple moving average of $48.53 and a 200 day simple moving average of $49.05. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping 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%. Sell-side analysts anticipate that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were given a $0.32 dividend. This is a positive change from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.28 annualized dividend and a yield of 3.14%. Chemung Financial's payout ratio is currently 25.81%.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the stock in a transaction on Wednesday, January 15th. The shares were acquired at an average price of $47.33 per share, with a total value of $28,019.36. Following the acquisition, the director now directly owns 3,710 shares of the company's stock, valued at $175,594.30. The trade was a 18.99 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.04% of the company's stock.

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.