15,412 Shares in Chemung Financial Corp $CHMG Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 15,412 Chemung Financial shares valued at approximately $1.15 million, giving it a 0.32% stake; institutional investors collectively own 47.5% of the company.
• Chemung Financial beat quarterly earnings expectations with EPS of $1.82 and revenue of $31.17 million. Shares opened at $84.81, near their 52-week high of $85.22.
• The company raised its quarterly dividend from $0.34 to $0.36 per share, while analysts maintain a consensus “Buy” rating with an average price target of $84.00.

Bank of New York Mellon Corp purchased a new position in Chemung Financial Corp (NASDAQ:CHMG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,412 shares of the bank's stock, valued at approximately $1,149,000. Bank of New York Mellon Corp owned 0.32% of Chemung Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after buying an additional 426 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock worth $48,000 after buying an additional 412 shares during the period. BNP Paribas Financial Markets lifted its position in Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock valued at $57,000 after purchasing an additional 563 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after buying an additional 330 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Chemung Financial by 11.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock worth $129,000 after purchasing an additional 245 shares in the last quarter. Institutional investors own 47.50% of the company's stock.

Chemung Financial Stock Performance

Shares of Chemung Financial stock opened at $84.81 on Friday. Chemung Financial Corp has a one year low of $49.82 and a one year high of $85.22. The company has a market cap of $408.78 million, a price-to-earnings ratio of 12.19 and a beta of 0.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The business's 50 day moving average price is $80.34 and its 200 day moving average price is $69.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The company had revenue of $31.17 million during the quarter, compared to analysts' expectations of $30.52 million. On average, research analysts predict that Chemung Financial Corp will post 7.54 EPS for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio is presently 19.54%.

Analysts Set New Price Targets

CHMG has been the topic of several recent analyst reports. Wall Street Zen raised shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, August 30th. Raymond James Financial initiated coverage on shares of Chemung Financial in a research report on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 target price on the stock. Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $84.00.

Chemung Financial Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.

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