Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial Corp (NASDAQ:CHMG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 26,559 shares of the bank's stock, valued at approximately $1,981,000. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of Chemung Financial at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock worth $43,000 after buying an additional 426 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Chemung Financial by 81.1% during 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. BNP Paribas Financial Markets increased its position in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock worth $57,000 after acquiring an additional 563 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Chemung Financial by 16.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock worth $110,000 after acquiring an additional 330 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock worth $129,000 after acquiring an additional 245 shares in the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on CHMG shares. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Chemung Financial currently has a consensus rating of "Buy" and a consensus target price of $81.00.
Check Out Our Latest Analysis on CHMG
Chemung Financial Stock Performance
Shares of CHMG stock opened at $81.60 on Friday. 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 company's 50-day simple moving average is $78.67 and its 200-day simple moving average is $67.87. The stock has a market capitalization of $393.31 million, a price-to-earnings ratio of 11.72 and a beta of 0.58.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping 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 business had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Equities analysts anticipate that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.
Chemung Financial Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a $0.36 dividend. This is a positive change from Chemung Financial's previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.8%. Chemung Financial's dividend payout ratio (DPR) is presently 19.54%.
About Chemung Financial
(
Free Report)
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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