Insider Buying: Chemung Financial Corp (NASDAQ:CHMG) Director Purchases 3,285 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Jeffrey B. Streeter bought 3,285 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were purchased at an average cost of $53.19 per share, with a total value of $174,729.15. Following the purchase, the director directly owned 17,487 shares of the company's stock, valued at approximately $930,133.53. This represents a 23.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Chemung Financial Trading Down 1.3%

Shares of CHMG stock traded down $0.69 during trading hours on Thursday, reaching $52.71. 9,042 shares of the stock traded hands, compared to its average volume of 14,048. Chemung Financial Corp has a 1-year low of $40.71 and a 1-year high of $55.73. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $252.46 million, a PE ratio of 22.52 and a beta of 0.37. The business has a fifty day moving average price of $48.81 and a 200 day moving average price of $47.85.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share for the quarter, hitting the consensus estimate of $1.31. The company had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. On average, equities research analysts forecast that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is presently 54.70%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CHMG. Piper Sandler reduced their target price on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. 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.

Institutional Trading of Chemung Financial

Several large investors have recently added to or reduced their stakes in the business. Modern Wealth Management LLC bought a new position in shares of Chemung Financial during the 1st quarter valued at $290,000. Acadian Asset Management LLC raised its holdings in shares of Chemung Financial by 3.6% during the 1st quarter. Acadian Asset Management LLC now owns 72,597 shares of the bank's stock valued at $3,450,000 after purchasing an additional 2,541 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Chemung Financial during the 1st quarter valued at $255,000. Empowered Funds LLC raised its holdings in shares of Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock valued at $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Chemung Financial by 55.4% during the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank's stock valued at $352,000 after purchasing an additional 2,638 shares in the last quarter. 47.50% of the stock is owned by institutional investors.

Chemung Financial Company 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.

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