Bank of America Corp DE Buys 14,183 Shares of Chemung Financial Corp $CHMG

Key Points

• Bank of America purchased 14,183 Chemung Financial shares valued at approximately $1.06 million, joining several institutions that recently initiated or expanded positions. Institutional investors collectively own 47.5% of the company.
• Chemung Financial reported quarterly EPS of $1.82, exceeding estimates of $1.77, while revenue reached $31.17 million. The company also raised its quarterly dividend to $0.36 per share, representing a 1.8% annualized yield.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and a target price of $87.67, although some firms recently downgraded the stock to “Hold.” CHMG opened at $81.93 and trades near its 12-month high of $86.00.

Bank of America Corp DE purchased a new position in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,183 shares of the bank's stock, valued at approximately $1,058,000. Bank of America Corp DE owned approximately 0.29% of Chemung Financial as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in Chemung Financial during the 2nd quarter worth approximately $1,149,000. BlackRock Inc. acquired a new position in shares of Chemung Financial in the second quarter valued at approximately $29,197,000. Hsbc Holdings PLC bought a new stake in shares of Chemung Financial during the second quarter worth $1,272,000. Rhino Investment Partners Inc raised its holdings in shares of Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank's stock worth $1,134,000 after acquiring an additional 14,440 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the 2nd quarter valued at $1,981,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Insider Activity at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares of the company's stock, valued at $431,194. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Chemung Financial from a "buy" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. 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 for the company. Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Zacks Research cut Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Chemung Financial has an average rating of "Moderate Buy" and a consensus target price of $87.67.

Chemung Financial Stock Performance

Shares of CHMG opened at $81.93 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm's fifty day simple moving average is $82.55 and its two-hundred day simple moving average is $72.33. Chemung Financial Corp has a 12 month low of $49.82 and a 12 month high of $86.00. The stock has a market capitalization of $394.90 million, a P/E ratio of 11.77 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.05. The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. As a group, analysts predict that Chemung Financial Corp will post 7.54 EPS for the current year.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio (DPR) is currently 20.69%.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company's offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.

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