Jeffrey B. Streeter Acquires 2,612 Shares of Chemung Financial Corp (NASDAQ:CHMG) Stock

Key Points

• Director Acquisition: Chemung Financial Corp's director, Jeffrey B. Streeter, purchased 2,612 shares at $52.60 each, totaling $137,391.20, increasing his ownership by 9.82% to 29,202 shares.
• Earnings Report: The bank reported quarterly earnings of $1.31 per share, meeting analysts' expectations, but revenue fell short at $10.10 million compared to the estimated $26.26 million.
• Dividend Announcement: Chemung Financial declared a quarterly dividend of $0.32 per share, yielding 2.44%, with a payout ratio of 54.70% as of the last payment on July 1st.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Jeffrey B. Streeter purchased 2,612 shares of Chemung Financial stock in a transaction dated Monday, July 28th. The stock was bought at an average cost of $52.60 per share, with a total value of $137,391.20. Following the completion of the transaction, the director owned 29,202 shares in the company, valued at approximately $1,536,025.20. This represents a 9.82% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.

Chemung Financial Stock Performance

Shares of CHMG traded down $1.11 during mid-day trading on Friday, reaching $49.50. The company had a trading volume of 1,447 shares, compared to its average volume of 14,706. The stock has a market capitalization of $237.08 million, a P/E ratio of 21.15 and a beta of 0.37. Chemung Financial Corp has a 52-week low of $40.71 and a 52-week high of $55.73. The stock has a 50 day moving average of $49.43 and a two-hundred day moving average of $48.15. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.31. The company had revenue of $10.10 million for the quarter, compared to the consensus estimate of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. On average, analysts expect that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is 54.70%.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of research reports. Piper Sandler cut their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a report on Monday, July 21st.

Hedge Funds Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Basswood Capital Management L.L.C. purchased a new position in shares of Chemung Financial during the 4th quarter worth $1,851,000. Man Group plc purchased a new position in shares of Chemung Financial during the 4th quarter worth approximately $699,000. Dimensional Fund Advisors LP boosted its position in shares of Chemung Financial by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after purchasing an additional 11,410 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Chemung Financial by 46.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock worth $1,455,000 after purchasing an additional 9,717 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Chemung Financial by 94.9% during the 4th quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank's stock worth $925,000 after purchasing an additional 9,226 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

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.