Man Group plc Buys New Shares in Chemung Financial Co. (NASDAQ:CHMG)

Man Group plc bought a new position in Chemung Financial Co. (NASDAQ:CHMG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 14,315 shares of the bank's stock, valued at approximately $699,000. Man Group plc owned approximately 0.30% of Chemung Financial as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Chemung Financial by 7.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after acquiring an additional 11,410 shares in the last quarter. PL Capital Advisors LLC bought a new position in Chemung Financial during the 4th quarter valued at approximately $4,698,000. Bridgeway Capital Management LLC increased its position in Chemung Financial by 3.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock valued at $3,808,000 after buying an additional 2,633 shares in the last quarter. Renaissance Technologies LLC increased its position in Chemung Financial by 9.2% during the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock valued at $2,066,000 after buying an additional 3,581 shares in the last quarter. Finally, Basswood Capital Management L.L.C. bought a new position in Chemung Financial during the 4th quarter valued at approximately $1,851,000. Institutional investors own 47.50% of the company's stock.

Chemung Financial Stock Performance

NASDAQ:CHMG traded up $0.68 during mid-day trading on Thursday, reaching $47.45. The company's stock had a trading volume of 9,373 shares, compared to its average volume of 13,681. Chemung Financial Co. has a 12-month low of $40.71 and a 12-month high of $55.73. The firm's fifty day moving average price is $45.35 and its two-hundred day moving average price is $48.52. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market cap of $227.29 million, a P/E ratio of 9.55 and a beta of 0.36.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The business had revenue of $25.71 million during the quarter, compared to analyst estimates of $25.90 million. On average, equities analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is 27.00%.

Analyst Upgrades and Downgrades

CHMG has been the subject of a number of analyst reports. Piper Sandler reduced their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their price objective on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd.

Chemung Financial Profile

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.