Chemung Financial Corp $CHMG Shares Bought by Rhino Investment Partners Inc

Rhino Investment Partners Inc increased its stake in Chemung Financial Corp (NASDAQ:CHMG) by 217.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,069 shares of the bank’s stock after acquiring an additional 14,440 shares during the period. Rhino Investment Partners Inc owned approximately 0.44% of Chemung Financial worth $1,134,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC boosted its position in shares of Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares during the period. Russell Investments Group Ltd. increased its stake in Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after purchasing an additional 412 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after buying an additional 330 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in Chemung Financial by 11.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock valued at $129,000 after buying an additional 245 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Stock Performance

CHMG stock opened at $81.99 on Wednesday. The firm has a 50 day simple moving average of $73.07 and a 200 day simple moving average of $64.01. Chemung Financial Corp has a 52 week low of $48.61 and a 52 week high of $83.50. The stock has a market cap of $395.19 million, a P/E ratio of 11.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.02 and a current ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. The firm had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 13.19%. Research analysts anticipate that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.7%. Chemung Financial’s dividend payout ratio (DPR) is presently 19.54%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CHMG shares. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $81.00.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.