Chemung Financial Corp (NASDAQ:CHMG) Director Jeffrey B. Streeter Buys 5,000 Shares

Key Points

• Director Jeffrey B. Streeter of Chemung Financial Corp purchased 5,000 shares at an average price of $52.94, increasing his holdings by 23.16% and bringing his total shares to 26,590.
• The company's recent quarterly earnings report revealed a net income of $1.31 per share, meeting analyst expectations, with revenue significantly lower than estimates at $10.10 million.
• Chemung Financial declared a quarterly dividend of $0.32 per share, representing an annualized yield of 2.45% and a dividend payout ratio of 54.70%.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Jeffrey B. Streeter bought 5,000 shares of the company's stock in a transaction on Friday, July 25th. The stock was bought at an average cost of $52.94 per share, with a total value of $264,700.00. Following the completion of the acquisition, the director owned 26,590 shares of the company's stock, valued at $1,407,674.60. This represents a 23.16% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Chemung Financial Trading Down 0.9%

NASDAQ CHMG traded down $0.49 during mid-day trading on Friday, reaching $52.33. 24,552 shares of the stock were exchanged, compared to its average volume of 14,182. Chemung Financial Corp has a 1-year low of $40.71 and a 1-year high of $55.73. The business's fifty day simple moving average is $49.00 and its 200 day simple moving average is $47.93. The stock has a market capitalization of $250.66 million, a PE ratio of 22.36 and a beta of 0.37. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.89 and a current ratio of 0.89.

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

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were issued a $0.32 dividend. The ex-dividend date was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.45%. Chemung Financial's dividend payout ratio (DPR) is presently 54.70%.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. raised its stake 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 during the period. JFS Wealth Advisors LLC purchased a new position in shares of Chemung Financial in the 2nd quarter valued at $88,000. Nuveen LLC purchased a new position in shares of Chemung Financial in the 1st quarter valued at $228,000. Jane Street Group LLC purchased a new position in shares of Chemung Financial in the 1st quarter valued at $255,000. Finally, Wells Fargo & Company MN raised its stake in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after acquiring an additional 416 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their price target on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.