Wellington Management Group LLP Takes $2.35 Million Position in Chemung Financial Corp $CHMG

Key Points

• Wellington Management Group initiated a $2.35 million position in Chemung Financial, purchasing 31,474 shares, while institutional investors collectively own 47.5% of the company.
• Chemung Financial reported quarterly EPS of $1.82, exceeding estimates of $1.77, and revenue of $31.17 million. Shares recently traded at $84.81, near their 52-week high of $85.22.
• The company raised its quarterly dividend from $0.34 to $0.36 per share, equating to a $1.44 annualized payout and a 1.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $84.00.

Wellington Management Group LLP purchased a new position in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 31,474 shares of the bank's stock, valued at approximately $2,347,000. Wellington Management Group LLP owned about 0.65% of Chemung Financial as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Legal & General Group Plc acquired a new position in Chemung Financial during the 2nd quarter valued at about $28,000. Tower Research Capital LLC TRC increased its stake in shares of Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after purchasing an additional 426 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Chemung Financial by 81.1% in the third 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 period. BNP Paribas Financial Markets raised its holdings in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock valued at $57,000 after buying an additional 563 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Chemung Financial by 16.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after buying an additional 330 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Trading Up 1.1%

Shares of NASDAQ:CHMG opened at $84.81 on Friday. The company has a 50 day moving average of $80.34 and a 200-day moving average of $69.39. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $408.78 million, a P/E ratio of 12.19 and a beta of 0.57. Chemung Financial Corp has a twelve month low of $49.82 and a twelve month high of $85.22.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The business had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. As a group, analysts anticipate that Chemung Financial Corp will post 7.54 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 17th. This is an increase from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio is 19.54%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CHMG. Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. Raymond James Financial assumed coverage on Chemung Financial in a research note on Tuesday, September 1st. They set an "outperform" rating and a $87.00 target price on the stock. Weiss Ratings upgraded Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods increased their price target 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, two have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $84.00.

Chemung Financial 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.

Want to see what other hedge funds are holding CHMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chemung Financial Corp (NASDAQ:CHMG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.