BlackRock Inc. Takes $29.20 Million Position in Chemung Financial Corp $CHMG

Key Points

• BlackRock acquired 391,487 Chemung Financial shares worth approximately $29.2 million, giving it an 8.12% stake. Institutional investors collectively own 47.5% of the bank.
• Chemung Financial beat quarterly earnings expectations, reporting $1.82 EPS versus the $1.77 consensus and $31.17 million in revenue versus $30.52 million expected.
• The company raised its quarterly dividend from $0.34 to $0.36 per share, representing a $1.44 annualized payout and a 1.8% yield. Analysts maintain a consensus “Buy” rating with an $84 price target.

BlackRock Inc. purchased a new stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 391,487 shares of the bank's stock, valued at approximately $29,197,000. BlackRock Inc. owned 8.12% of Chemung Financial as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its position in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after acquiring an additional 426 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of 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 acquiring an additional 412 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock worth $57,000 after purchasing an additional 563 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after purchasing an additional 330 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Chemung Financial by 11.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock valued at $129,000 after purchasing an additional 245 shares during the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG opened at $79.89 on Wednesday. The firm's 50 day simple moving average is $78.99 and its 200-day simple moving average is $68.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. Chemung Financial Corp has a one year low of $49.82 and a one year high of $85.00. The firm has a market cap of $385.07 million, a PE ratio of 11.48 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. As a group, equities analysts predict that Chemung Financial Corp will post 7.39 EPS for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio (DPR) is currently 19.54%.

Analyst Ratings Changes

Several analysts have issued reports on CHMG shares. Wall Street Zen raised shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday. Raymond James Financial began coverage on Chemung Financial in a research note on Tuesday. They set an "outperform" rating and a $87.00 target price on the stock. Weiss Ratings upgraded Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. Zacks Research raised Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods boosted their price objective on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Chemung Financial presently has a consensus rating of "Buy" and a consensus 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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