Empowered Funds LLC Purchases Shares of 26,957 Chemung Financial Corp $CHMG

Key Points

• Empowered Funds LLC acquired 26,957 shares of Chemung Financial, worth approximately $2.01 million, giving it a 0.56% stake. Several other institutions also increased or initiated positions, with institutional ownership reaching 47.5%.
• Chemung Financial reported quarterly EPS of $1.82, beating estimates of $1.77, while revenue of $31.17 million also exceeded expectations. The stock recently traded near its 52-week high at $84.57.
• The company raised its quarterly dividend from $0.34 to $0.36 per share, equivalent to a $1.44 annualized payout and a 1.7% yield. Analysts maintain a consensus “Buy” rating with an $84 price target.

Empowered Funds LLC purchased a new stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 26,957 shares of the bank's stock, valued at approximately $2,010,000. Empowered Funds LLC owned 0.56% of Chemung Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of CHMG. PL Capital Advisors LLC lifted its holdings in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank's stock valued at $6,101,000 after buying an additional 50,209 shares during the period. Rhino Investment Partners Inc grew its holdings in Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank's stock worth $1,134,000 after acquiring an additional 14,440 shares during the period. BlackRock Inc. bought a new stake in Chemung Financial in the second quarter worth about $29,197,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the second quarter worth about $1,981,000. Finally, Hsbc Holdings PLC bought a new stake in Chemung Financial in the second quarter worth about $1,272,000. Institutional investors own 47.50% of the company's stock.

Chemung Financial Trading Up 0.8%

NASDAQ:CHMG opened at $84.57 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. Chemung Financial Corp has a 1-year low of $49.82 and a 1-year high of $85.22. The firm has a market capitalization of $407.63 million, a price-to-earnings ratio of 12.15 and a beta of 0.57. The stock has a fifty day simple moving average of $79.39 and a 200 day simple moving average of $68.50.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.05. The firm had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. Sell-side analysts forecast that Chemung Financial Corp will post 7.39 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. This is an increase from Chemung Financial's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 17th. Chemung Financial's payout ratio is 19.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CHMG shares. Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Raymond James Financial assumed coverage on shares of Chemung Financial in a report on Tuesday. They issued an "outperform" rating and a $87.00 target price on the stock. Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $84.00.

Chemung Financial Company Profile

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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