Nuveen LLC Makes New Investment in Chemung Financial Corp $CHMG

Key Points

• Nuveen LLC has acquired a new position in Chemung Financial Corp, purchasing 4,795 shares valued at approximately $228,000, which represents about 0.10% of the company's stock as per their recent SEC filing.
• In recent trading, Chemung Financial announced a boost in its quarterly dividend from $0.32 to $0.34 per share, with a yield of 2.6% projected for the year.
• Analyst ratings for Chemung Financial show a consensus of "Hold," with Zacks Research recently downgrading the stock from a "strong-buy" rating.

Nuveen LLC acquired a new position in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,795 shares of the bank's stock, valued at approximately $228,000. Nuveen LLC owned approximately 0.10% of Chemung Financial as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CHMG. Raymond James Financial Inc. purchased a new position in Chemung Financial during the 4th quarter worth approximately $412,000. Dimensional Fund Advisors LP grew its position in Chemung Financial by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock worth $7,633,000 after purchasing an additional 11,410 shares in the last quarter. BNP Paribas Financial Markets grew its position in Chemung Financial by 8.2% during the 4th quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank's stock worth $356,000 after purchasing an additional 552 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Chemung Financial by 20.4% during the 4th quarter. Bank of America Corp DE now owns 10,236 shares of the bank's stock valued at $500,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Citadel Advisors LLC grew its holdings 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 acquiring an additional 7,617 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CHMG has been the topic of several research analyst reports. Zacks Research cut shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a report on Monday, July 21st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Chemung Financial currently has an average rating of "Hold" and an average price target of $54.50.

Insider Buying and Selling

In related news, insider Jeffrey P. Kenefick bought 475 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were acquired at an average cost of $52.75 per share, with a total value of $25,056.25. Following the completion of the purchase, the insider directly owned 10,535 shares in the company, valued at $555,721.25. The trade was a 4.72% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey B. Streeter bought 5,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were bought at an average cost of $52.94 per share, for a total transaction of $264,700.00. Following the completion of the purchase, the director owned 26,590 shares of the company's stock, valued at $1,407,674.60. This represents a 23.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 18,458 shares of company stock valued at $968,415 over the last ninety days. 12.41% of the stock is owned by corporate insiders.

Chemung Financial Trading Down 2.9%

Chemung Financial stock opened at $52.31 on Friday. The company's fifty day simple moving average is $51.80 and its 200-day simple moving average is $48.55. The company has a quick ratio of 1.00, a current 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 stock has a market cap of $250.56 million, a P/E ratio of 22.35 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting analysts' consensus estimates of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.67%. The company had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. As a group, sell-side analysts forecast that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be paid a dividend of $0.34 per share. This is a boost from Chemung Financial's previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 17th. Chemung Financial's payout ratio is currently 54.70%.

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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