Chemung Financial Corp $CHMG Shares Acquired by PL Capital Advisors LLC

Key Points

• PL Capital Advisors LLC increased its Chemung Financial stake by 84.9% in the fourth quarter, buying 50,209 additional shares and bringing its total holdings to 109,336 shares valued at about $6.1 million.
• Chemung Financial’s most recent quarterly results beat expectations, with EPS of $1.91 versus the $1.63 consensus and revenue of $29.9 million, while analysts currently rate the stock a Buy on average with a $64 target price.
• The bank declared a quarterly dividend of $0.34 per share, payable July 1, and the stock was trading at $68.84, near its 52-week high of $70.83.

PL Capital Advisors LLC raised its stake in Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 84.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,336 shares of the bank's stock after acquiring an additional 50,209 shares during the period. Chemung Financial accounts for approximately 1.9% of PL Capital Advisors LLC's portfolio, making the stock its 13th largest position. PL Capital Advisors LLC owned approximately 2.28% of Chemung Financial worth $6,101,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its stake in Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock valued at $129,000 after acquiring an additional 245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after acquiring an additional 330 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Chemung Financial by 0.5% in the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank's stock valued at $3,683,000 after acquiring an additional 350 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock valued at $48,000 after acquiring an additional 412 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Chemung Financial by 90.8% in 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 in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Insider Activity at Chemung Financial

In other news, Director Thomas R. Tyrrell sold 788 shares of the firm's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $65.33, for a total value of $51,480.04. Following the completion of the sale, the director owned 8,050 shares in the company, valued at approximately $525,906.50. This trade represents a 8.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.41% of the company's stock.

Analyst Upgrades and Downgrades

CHMG has been the subject of several research analyst reports. Weiss Ratings upgraded shares of Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 22nd. Zacks Research upgraded shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 14th. Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a research note on Wednesday, January 28th. Finally, Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, April 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Chemung Financial has an average rating of "Buy" and an average target price of $64.00.

Chemung Financial Price Performance

Shares of CHMG opened at $68.84 on Thursday. Chemung Financial Corp has a fifty-two week low of $43.20 and a fifty-two week high of $70.83. The company has a market capitalization of $331.81 million, a price-to-earnings ratio of 18.16 and a beta of 0.59. The firm has a 50-day simple moving average of $61.71 and a 200-day simple moving average of $57.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.02 and a current ratio of 1.02.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Friday, April 17th. The bank reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. The business had revenue of $29.90 million during the quarter, compared to the consensus estimate of $29.21 million. On average, equities research analysts anticipate that Chemung Financial Corp will post 6.75 earnings per share for the current year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, June 17th. This represents a $1.36 annualized dividend and a dividend yield of 2.0%. Chemung Financial's dividend payout ratio is 35.88%.

About Chemung Financial

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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