American Century Companies Inc. Boosts Stock Position in Chemung Financial Corp $CHMG

Key Points

• American Century Companies Inc. increased its stake in Chemung Financial Corp (NASDAQ:CHMG) by 73.9% during the 1st quarter, owning 17,323 shares valued at approximately $824,000.
• Chemung Financial recently announced a quarterly dividend of $0.34 per share, up from the previous $0.32, representing an annualized yield of 2.5%.
• Despite reaching a 12-month high of $55.73, analysts have mostly rated Chemung Financial with a "Hold" rating, with a consensus price target of $54.50.

American Century Companies Inc. lifted its holdings in Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 73.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,323 shares of the bank's stock after purchasing an additional 7,364 shares during the quarter. American Century Companies Inc. owned 0.36% of Chemung Financial worth $824,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of Chemung Financial by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock valued at $7,633,000 after purchasing an additional 11,410 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Chemung Financial by 3.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock valued at $3,808,000 after purchasing an additional 2,633 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Chemung Financial by 46.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock valued at $1,455,000 after purchasing an additional 9,717 shares in the last quarter. Citadel Advisors LLC grew its holdings in shares of Chemung Financial by 57.8% in the fourth quarter. Citadel Advisors LLC now owns 20,791 shares of the bank's stock valued at $1,015,000 after purchasing an additional 7,617 shares in the last quarter. Finally, Man Group plc bought a new stake in Chemung Financial in the fourth quarter worth $699,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CHMG. Zacks Research downgraded Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Keefe, Bruyette & Woods raised their price target on Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Chemung Financial currently has an average rating of "Hold" and a consensus target price of $54.50.

Chemung Financial Trading Down 0.7%

Shares of NASDAQ:CHMG traded down $0.39 on Tuesday, hitting $52.84. 3,139 shares of the company's stock were exchanged, compared to its average volume of 13,728. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $55.73. The stock has a market capitalization of $253.13 million, a price-to-earnings ratio of 22.58 and a beta of 0.38. The business's 50 day simple moving average is $51.89 and its two-hundred day simple moving average is $48.54. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share for the quarter, hitting the consensus estimate of $1.31. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.The business had revenue of $10.10 million during the quarter, compared to the consensus estimate of $26.26 million. Analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a dividend of $0.34 per share. This is an increase from Chemung Financial's previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 17th. Chemung Financial's payout ratio is 58.12%.

Insider Activity

In other news, EVP Loren D. Cole purchased 2,983 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were purchased at an average price of $50.10 per share, for a total transaction of $149,448.30. Following the completion of the purchase, the executive vice president owned 9,331 shares in the company, valued at approximately $467,483.10. This represents a 46.99% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey B. Streeter purchased 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The shares were purchased at an average price of $52.94 per share, for a total transaction of $264,700.00. Following the purchase, the director owned 26,590 shares of the company's stock, valued at approximately $1,407,674.60. This trade represents a 23.16% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 18,458 shares of company stock worth $968,415. Company insiders own 12.04% 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.