Hsbc Holdings PLC Makes New $1.27 Million Investment in Chemung Financial Corp $CHMG

Key Points

• Hsbc Holdings PLC purchased 17,256 shares of Chemung Financial worth approximately $1.27 million, giving it a 0.36% stake. Institutional investors and hedge funds collectively own 47.5% of the company.
• Chemung Financial exceeded quarterly earnings expectations, reporting $1.82 in EPS versus the $1.77 consensus estimate and revenue of $31.17 million. Analysts expect full-year EPS of $7.39.
• The company raised its quarterly dividend from $0.34 to $0.36 per share, equivalent to a $1.44 annualized dividend and a 1.8% yield; analysts’ average rating is “Buy” with an $81 price target.

Hsbc Holdings PLC purchased a new stake in Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,256 shares of the bank's stock, valued at approximately $1,272,000. Hsbc Holdings PLC owned 0.36% of Chemung Financial at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CHMG. AQR Capital Management LLC raised its stake in Chemung Financial by 55.4% during the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank's stock valued at $352,000 after acquiring an additional 2,638 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Chemung Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock valued at $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Jane Street Group LLC acquired a new stake in Chemung Financial in the first quarter worth about $255,000. Geode Capital Management LLC grew its position in Chemung Financial by 16.1% in the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank's stock valued at $4,521,000 after buying an additional 12,917 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Chemung Financial by 27.7% during the 2nd quarter. Rhumbline Advisers now owns 4,074 shares of the bank's stock valued at $197,000 after buying an additional 883 shares during the period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Price Performance

Shares of CHMG opened at $81.07 on Tuesday. The firm has a market cap of $390.76 million, a PE ratio of 11.65 and a beta of 0.58. The firm's 50 day moving average price is $78.87 and its 200 day moving average price is $68.02. 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 twelve month low of $49.82 and a twelve month high of $85.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping the consensus estimate of $1.77 by $0.05. The company had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. As a group, research analysts expect that Chemung Financial Corp will post 7.39 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. This is a boost from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio (DPR) is presently 19.54%.

Analysts Set New Price Targets

CHMG has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday. Zacks Research raised Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Weiss Ratings raised shares of Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods raised their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $81.00.

About Chemung Financial

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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