Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade Buys 592 Shares

Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade bought 592 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the purchase, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This represents a 18.99 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Chemung Financial Price Performance

Shares of CHMG opened at $47.10 on Friday. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a fifty day moving average price of $50.50 and a 200 day moving average price of $48.22. The company has a market cap of $224.20 million, a P/E ratio of 10.42 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The business had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. On average, research analysts forecast that Chemung Financial Co. will post 4.94 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Thursday, December 19th. Chemung Financial’s payout ratio is currently 27.43%.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CHMG. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Chemung Financial during the 3rd quarter worth about $324,000. Barclays PLC raised its holdings in Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. raised 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 purchasing an additional 6,802 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares during the period. Institutional investors own 47.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler started coverage on Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price for the company. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

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.