Connor Clark & Lunn Investment Management Ltd. Has $1.46 Million Holdings in Chemung Financial Corp (NASDAQ:CHMG)

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. lifted its holdings in Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 46.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,596 shares of the bank's stock after purchasing an additional 9,717 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.64% of Chemung Financial worth $1,455,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Chemung Financial by 91.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank's stock valued at $432,000 after purchasing an additional 4,345 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Chemung Financial in the 4th quarter valued at $405,000. Citadel Advisors LLC lifted its stake in shares of Chemung Financial by 57.8% in the 4th 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 during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock valued at $2,066,000 after purchasing an additional 3,581 shares during the last quarter. Finally, Man Group plc acquired a new stake in shares of Chemung Financial in the 4th quarter valued at $699,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Stock Down 1.4%

Chemung Financial stock opened at $50.92 on Friday. The firm has a fifty day moving average price of $50.22 and a two-hundred day moving average price of $48.42. The firm has a market cap of $243.96 million, a price-to-earnings ratio of 21.76 and a beta of 0.39. 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 Corp has a fifty-two week low of $40.71 and a fifty-two week high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting analysts' consensus estimates of $1.31. The business had revenue of $10.10 million during 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%. As a group, analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Chemung Financial's dividend payout ratio is currently 54.70%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CHMG shares. Keefe, Bruyette & Woods lifted their price objective on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research note on Monday, July 21st. Piper Sandler cut their target price on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd.

Insider Activity

In related news, insider Jeffrey P. Kenefick acquired 475 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was acquired at an average price of $52.75 per share, with a total value of $25,056.25. Following the completion of the transaction, the insider owned 10,535 shares of the company's stock, valued at approximately $555,721.25. This represents a 4.72% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Loren D. Cole acquired 2,983 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were bought at an average cost of $50.10 per share, with a total value of $149,448.30. Following the transaction, the executive vice president directly owned 9,331 shares of the company's stock, valued at $467,483.10. The trade was a 46.99% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 18,458 shares of company stock valued at $968,415. 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.

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