Raymond James Financial Inc. Makes New Investment in Chemung Financial Co. (NASDAQ:CHMG)

Raymond James Financial Inc. acquired a new stake in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 8,433 shares of the bank's stock, valued at approximately $412,000. Raymond James Financial Inc. owned 0.18% of Chemung Financial as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after buying an additional 416 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Chemung Financial by 104.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after acquiring an additional 869 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Chemung Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock valued at $1,087,000 after acquiring an additional 1,033 shares during the last quarter. Martingale Asset Management L P boosted its position in shares of Chemung Financial by 15.3% during the 4th quarter. Martingale Asset Management L P now owns 13,929 shares of the bank's stock valued at $680,000 after acquiring an additional 1,851 shares during the last quarter. Finally, PL Capital Advisors LLC purchased a new position in shares of Chemung Financial during the fourth quarter worth about $96,000. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Trading Up 1.4%

NASDAQ:CHMG traded up $0.65 during trading hours on Tuesday, reaching $48.34. The company's stock had a trading volume of 5,829 shares, compared to its average volume of 13,522. The firm has a 50-day simple moving average of $45.60 and a 200-day simple moving average of $48.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial Co. has a 1 year low of $40.71 and a 1 year high of $55.73. The firm has a market capitalization of $231.55 million, a price-to-earnings ratio of 9.75 and a beta of 0.36.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The company had revenue of $25.71 million during the quarter, compared to analysts' expectations of $25.90 million. Research analysts expect that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 2.65%. Chemung Financial's payout ratio is 27.00%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Piper Sandler reduced their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd.

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.