Chemung Financial Corp (NASDAQ:CHMG) Director Buys $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 Chemung Financial stock in a transaction dated Thursday, July 24th. The shares were acquired at an average price of $52.91 per share, with a total value of $217,089.73. Following the completion of the purchase, the director directly owned 21,590 shares in the company, valued at $1,142,326.90. This trade represents a 23.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Chemung Financial Price Performance

NASDAQ CHMG traded down $0.49 during midday trading on Tuesday, hitting $52.05. The company had a trading volume of 17,642 shares, compared to its average volume of 14,219. The company has a market capitalization of $249.32 million, a PE ratio of 22.24 and a beta of 0.37. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $49.17 and a 200-day moving average price of $48.05. Chemung Financial Corp has a twelve month low of $40.71 and a twelve month high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 earnings per share for the quarter, meeting the consensus estimate of $1.31. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. The firm had revenue of $10.10 million during the quarter, compared to analysts' expectations of $26.26 million. As a group, analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.46%. Chemung Financial's dividend payout ratio (DPR) is currently 54.70%.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. Russell Investments Group Ltd. raised its holdings in shares of Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares in the last quarter. JFS Wealth Advisors LLC acquired a new position in shares of Chemung Financial during the 2nd quarter worth $88,000. Nuveen LLC acquired a new position in shares of Chemung Financial during the 1st quarter worth $228,000. Jane Street Group LLC acquired a new position in shares of Chemung Financial during the 1st quarter worth $255,000. Finally, Wells Fargo & Company MN increased its holdings in Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after purchasing an additional 416 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Wall Street Analyst Weigh In

CHMG has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a research note on Monday, July 21st. Piper Sandler dropped their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a 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.