JPMorgan Chase & Co. Boosts Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

JPMorgan Chase & Co. boosted its position in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 94.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,946 shares of the bank's stock after purchasing an additional 9,226 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.40% of Chemung Financial worth $925,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CHMG. Barclays PLC boosted its position in shares of Chemung Financial by 167.9% in the 3rd 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. Geode Capital Management LLC raised its stake in Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock valued at $3,690,000 after buying an additional 1,968 shares during the last quarter. Empowered Funds LLC boosted its holdings in Chemung Financial by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock worth $1,087,000 after acquiring an additional 1,033 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chemung Financial during the fourth quarter worth about $231,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Chemung Financial by 117.4% during the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank's stock valued at $956,000 after acquiring an additional 10,584 shares in the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Performance

NASDAQ CHMG traded up $0.90 during trading hours on Friday, reaching $44.69. The stock had a trading volume of 13,076 shares, compared to its average volume of 13,444. Chemung Financial Co. has a 52-week low of $40.71 and a 52-week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $214.07 million, a P/E ratio of 9.01 and a beta of 0.36. The stock has a fifty day moving average of $46.15 and a 200 day moving average of $48.62.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. The firm had revenue of $25.71 million for the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Sell-side analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were paid a dividend of $0.32 per share. The ex-dividend date was Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.86%. This is a positive change from Chemung Financial's previous quarterly dividend of $0.31. Chemung Financial's dividend payout ratio (DPR) is presently 27.00%.

Analyst Ratings Changes

A number of brokerages have issued reports on CHMG. Piper Sandler cut their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their target price on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd.

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.