Chemung Financial Corp (NASDAQ:CHMG) Director Acquires $264,700.00 in Stock

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 purchased 5,000 shares of Chemung Financial stock in a transaction dated 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 transaction, the director owned 26,590 shares in the company, valued at approximately $1,407,674.60. This represents a 23.16% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.

Chemung Financial Trading Down 0.9%

Chemung Financial stock traded down $0.49 during trading on Tuesday, reaching $52.05. 17,642 shares of the company were exchanged, compared to its average volume of 14,080. Chemung Financial Corp has a 52-week low of $40.71 and a 52-week high of $55.73. The company has a market capitalization of $249.32 million, a P/E ratio of 22.24 and a beta of 0.37. 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 stock's 50 day simple moving average is $49.25 and its two-hundred day simple moving average is $48.08.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $26.26 million. On average, equities research analysts expect that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a yield of 2.46%. Chemung Financial's payout ratio is 54.70%.

Analyst Upgrades and Downgrades

CHMG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Piper Sandler lowered 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.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors have recently added to or reduced their stakes in CHMG. Russell Investments Group Ltd. increased its stake in Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after acquiring an additional 869 shares during the last quarter. JFS Wealth Advisors LLC acquired a new stake in Chemung Financial during the second quarter worth $88,000. Nuveen LLC acquired a new stake in Chemung Financial during the first quarter worth $228,000. Jane Street Group LLC acquired a new stake in Chemung Financial during the first quarter worth $255,000. Finally, Wells Fargo & Company MN increased its stake in Chemung Financial by 8.2% during the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after acquiring an additional 416 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company's stock.

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.