Modern Wealth Management LLC Takes $290,000 Position in Chemung Financial Corp $CHMG

Key Points

• Modern Wealth Management LLC has acquired a new stake in Chemung Financial Corp, purchasing 6,101 shares valued at approximately $290,000, representing about 0.13% of the bank's stock.
• Chemung Financial has increased its quarterly dividend from $0.32 to $0.34, resulting in an annualized yield of 2.6%, with the dividend set to be paid on October 1st.
• Recent analyst reports indicate a mixed outlook for Chemung Financial, with Keefe, Bruyette & Woods upgrading the stock's price target to $59, while Zacks downgraded it from "strong-buy" to "hold."

Modern Wealth Management LLC acquired a new stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 6,101 shares of the bank's stock, valued at approximately $290,000. Modern Wealth Management LLC owned approximately 0.13% of Chemung Financial as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CHMG. Man Group plc purchased a new position in shares of Chemung Financial during the 4th quarter valued at about $699,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Chemung Financial by 46.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock valued at $1,455,000 after buying an additional 9,717 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Chemung Financial during the 4th quarter valued at about $405,000. Citadel Advisors LLC lifted its position in shares of Chemung Financial by 57.8% during the 4th quarter. Citadel Advisors LLC now owns 20,791 shares of the bank's stock valued at $1,015,000 after buying an additional 7,617 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Chemung Financial by 73.9% during the 1st quarter. American Century Companies Inc. now owns 17,323 shares of the bank's stock valued at $824,000 after buying an additional 7,364 shares in the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Down 0.0%

Shares of CHMG opened at $52.57 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. Chemung Financial Corp has a 12-month low of $40.71 and a 12-month high of $55.73. The business's 50 day moving average is $52.13 and its 200 day moving average is $48.59. The company has a market capitalization of $251.81 million, a PE ratio of 22.47 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.31. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.The business had revenue of $10.10 million for the quarter, compared to the consensus estimate of $26.26 million. Research analysts expect that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.32. Chemung Financial's dividend payout ratio is presently 54.70%.

Insiders Place Their Bets

In other news, EVP Loren D. Cole acquired 2,983 shares of Chemung Financial stock in a transaction on Tuesday, August 5th. The shares were acquired at an average price of $50.10 per share, with a total value of $149,448.30. Following the purchase, the executive vice president directly owned 9,331 shares in the company, valued at $467,483.10. The trade was a 46.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey B. Streeter acquired 2,612 shares of Chemung Financial stock in a transaction on Monday, July 28th. The stock was purchased at an average cost of $52.60 per share, for a total transaction of $137,391.20. Following the purchase, the director owned 29,202 shares in the company, valued at approximately $1,536,025.20. The trade was a 9.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 18,458 shares of company stock valued at $968,415 in the last quarter. 12.04% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Zacks Research downgraded Chemung Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $54.50.

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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