Empowered Funds LLC Makes New Investment in Chemung Financial Corp $CHMG

Empowered Funds LLC bought a new stake in shares of Chemung Financial Corp (NASDAQ:CHMG) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 26,957 shares of the bank’s stock, valued at approximately $2,010,000.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in shares of Chemung Financial in the second quarter worth $1,058,000. Hsbc Holdings PLC acquired a new position in Chemung Financial during the second quarter valued at $1,272,000. Legal & General Group Plc acquired a new position in Chemung Financial during the second quarter valued at $28,000. The Manufacturers Life Insurance Company purchased a new stake in Chemung Financial in the 2nd quarter worth about $12,098,000. Finally, Algert Global LLC purchased a new stake in Chemung Financial in the 2nd quarter worth about $494,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CHMG. Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Raymond James Financial began coverage on shares of Chemung Financial in a report on Tuesday. They set an “outperform” rating and a $87.00 price target for the company. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $84.00.

Chemung Financial Price Performance

Shares of NASDAQ:CHMG opened at $84.57 on Friday. The firm has a market cap of $407.63 million, a price-to-earnings ratio of 12.15 and a beta of 0.57. Chemung Financial Corp has a 1 year low of $49.82 and a 1 year high of $85.22. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $79.39 and a 200 day simple moving average of $68.50.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. As a group, sell-side analysts predict that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, September 17th. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio is presently 19.54%.

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.