Chemung Financial Corp (NASDAQ:CHMG) Director Acquires $217,089.73 in Stock

Key Points

• Director Jeffrey B. Streeter of Chemung Financial Corp purchased 4,103 shares for $217,089.73, increasing his stake by 23.46%.
• The company's recent quarterly earnings report showed an EPS of $1.31, aligning with analysts' expectations, though revenue fell short at $10.10 million.
• Chemung Financial announced a quarterly dividend of $0.32 per share, yielding 2.43%, with a payout ratio of 54.70%.
• Institutional investors currently own 47.50% of Chemung Financial’s stock, reflecting strong institutional interest in the company.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Jeffrey B. Streeter bought 4,103 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was purchased at an average price of $52.91 per share, with a total value of $217,089.73. Following the transaction, the director owned 21,590 shares in the company, valued at approximately $1,142,326.90. This represents a 23.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chemung Financial Price Performance

Shares of NASDAQ CHMG traded down $0.15 during mid-day trading on Friday, reaching $52.67. 16,376 shares of the company traded hands, compared to its average volume of 14,121. Chemung Financial Corp has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $252.29 million, a PE ratio of 22.58 and a beta of 0.37. The stock has a fifty day simple moving average of $49.00 and a 200-day simple moving average of $47.93.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting analysts' consensus estimates of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%. The business had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. Equities research analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.43%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio is presently 54.70%.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of research reports. Piper Sandler dropped their price target 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. Keefe, Bruyette & Woods raised their price target on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a report on Monday.

Institutional Trading of Chemung Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Basswood Capital Management L.L.C. purchased a new position in shares of Chemung Financial in the fourth quarter worth approximately $1,851,000. Man Group plc purchased a new position in shares of Chemung Financial in the fourth quarter worth approximately $699,000. Dimensional Fund Advisors LP increased its position in shares of Chemung Financial by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after acquiring an additional 11,410 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Chemung Financial by 46.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock worth $1,455,000 after acquiring an additional 9,717 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Chemung Financial by 94.9% in the fourth quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank's stock worth $925,000 after acquiring an additional 9,226 shares in the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

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.

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