Martingale Asset Management L P Raises Position in Chemung Financial Co. (NASDAQ:CHMG)

Martingale Asset Management L P lifted its stake in Chemung Financial Co. (NASDAQ:CHMG) by 15.3% in the 4th quarter, HoldingsChannel reports. The firm owned 13,929 shares of the bank’s stock after acquiring an additional 1,851 shares during the period. Martingale Asset Management L P’s holdings in Chemung Financial were worth $680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CHMG. Geode Capital Management LLC grew its holdings in 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 purchasing an additional 1,968 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after buying an additional 6,802 shares in the last quarter. Barclays PLC grew its stake in shares of Chemung Financial by 167.9% during the 3rd 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. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Chemung Financial by 209.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank’s stock valued at $1,019,000 after acquiring an additional 14,134 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Chemung Financial in the 4th quarter worth approximately $231,000. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $40.73 on Friday. The stock has a market cap of $195.06 million, a PE ratio of 8.21 and a beta of 0.10. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $48.53 and its two-hundred day simple moving average is $49.04. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Tuesday, March 18th. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s payout ratio is 25.81%.

Insider Buying and Selling

In other news, Director Joseph F. Iv Meade bought 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were bought at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the transaction, the director now owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Piper Sandler assumed coverage on shares of Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target for the company.

About Chemung Financial

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.