Chemung Financial Corp $CHMG Holdings Increased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Chemung Financial Corp by 46.5%, resulting in holdings worth $1.46 million as of the latest 13F filing.
• Chemung Financial's stock has recently seen fluctuations, with a current price of $50.92, down 1.4%, and a market cap of $243.96 million.
• The company declared a quarterly dividend of $0.32 per share, which translates to an annualized dividend yield of 2.5%.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 46.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,596 shares of the bank's stock after acquiring an additional 9,717 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.64% of Chemung Financial worth $1,455,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CHMG. JPMorgan Chase & Co. grew its holdings in shares of Chemung Financial by 94.9% in the fourth quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank's stock valued at $925,000 after purchasing an additional 9,226 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after buying an additional 416 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Chemung Financial by 9.2% during the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock worth $2,066,000 after buying an additional 3,581 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Chemung Financial in the 4th quarter valued at $412,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Trading Down 1.4%

Shares of Chemung Financial stock traded down $0.71 during mid-day trading on Thursday, hitting $50.80. 4,035 shares of the stock were exchanged, compared to its average volume of 15,686. Chemung Financial Corp has a twelve month low of $40.71 and a twelve month high of $55.73. The stock has a market capitalization of $243.38 million, a price-to-earnings ratio of 21.71 and a beta of 0.39. The company has a 50-day simple moving average of $50.46 and a 200 day simple moving average of $48.40. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

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

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 17th. This is an increase from Chemung Financial's previous quarterly dividend of $0.32. Chemung Financial's payout ratio is currently 58.12%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upped their price target on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Chemung Financial currently has an average rating of "Hold" and a consensus target price of $54.50.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 5,000 shares of the business's stock in a transaction that occurred on 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 completion of the acquisition, the director owned 26,590 shares of the company's stock, valued at approximately $1,407,674.60. This represents a 23.16% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Loren D. Cole acquired 2,983 shares of the company'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 purchase, the executive vice president directly owned 9,331 shares of the company's stock, valued at approximately $467,483.10. This trade represents a 46.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 18,458 shares of company stock worth $968,415 in the last three months. Company insiders own 12.41% of the company's stock.

About Chemung Financial

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.