The Manufacturers Life Insurance Company Acquires 18,171 Shares of Chemung Financial Corp $CHMG

Key Points

• The Manufacturers Life Insurance Company increased its Chemung Financial stake by 13%, purchasing 18,171 additional shares to own 157,633 shares, or 3.27% of the company. Institutional investors collectively hold 47.5% of CHMG.
• Analyst sentiment is broadly positive: Chemung Financial has an average “Buy” rating and an $81 consensus price target, with recent upgrades from Wall Street Zen and Zacks Research.
• Chemung Financial reported quarterly earnings of $1.82 per share, exceeding estimates of $1.77, while revenue reached $31.17 million. The bank also maintains a quarterly dividend of $0.34 per share, equivalent to a 1.7% yield.

The Manufacturers Life Insurance Company grew its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 13.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 157,633 shares of the bank's stock after buying an additional 18,171 shares during the quarter. The Manufacturers Life Insurance Company owned 3.27% of Chemung Financial worth $8,484,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock worth $43,000 after acquiring an additional 426 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock valued at $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock valued at $57,000 after purchasing an additional 563 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock worth $110,000 after purchasing an additional 330 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Chemung Financial by 11.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock worth $129,000 after purchasing an additional 245 shares during the period. Institutional investors own 47.50% of the company's stock.

Analyst Ratings Changes

CHMG has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, April 19th. Weiss Ratings lowered shares of Chemung Financial from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, July 29th. Finally, Zacks Research upgraded shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $81.00.

Chemung Financial Price Performance

Chemung Financial stock opened at $82.37 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $397.02 million, a price-to-earnings ratio of 11.83 and a beta of 0.58. The firm has a 50-day moving average of $74.35 and a two-hundred day moving average of $64.97. Chemung Financial Corp has a 1 year low of $49.04 and a 1 year high of $85.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. The business had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%. On average, research analysts forecast that Chemung Financial Corp will post 7.39 earnings per share for the current year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, June 17th. Chemung Financial's dividend payout ratio is presently 19.54%.

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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