Chemung Financial Corp (NASDAQ:CHMG) EVP Loren D. Cole Buys 2,983 Shares

Key Points

• Loren D. Cole, EVP of Chemung Financial Corp, acquired 2,983 shares of the company's stock at an average cost of $50.10, totaling approximately $149,448, which increased his holdings by 46.99%.
• Chemung Financial's stock recently traded at $49.99, reflecting a slight drop of 0.1%, with a market cap of $239.46 million and a price-to-earnings ratio of 21.36.
• The company recently declared a quarterly dividend of $0.32 per share, resulting in an annualized dividend yield of 2.6% and a payout ratio of 54.70%.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) EVP Loren D. Cole purchased 2,983 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $50.10 per share, for a total transaction of $149,448.30. Following the completion of the transaction, the executive vice president owned 9,331 shares of the company's stock, valued at $467,483.10. This represents a 46.99% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Chemung Financial Trading Up 1.0%

CHMG traded up $0.50 during trading on Friday, reaching $49.75. The company had a trading volume of 4,318 shares, compared to its average volume of 19,341. The firm's 50-day simple moving average is $49.71 and its 200 day simple moving average is $48.27. The company has a market cap of $238.30 million, a price-to-earnings ratio of 21.26 and a beta of 0.39. Chemung Financial Corp has a 12-month low of $40.71 and a 12-month high of $55.73. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.89 and a current ratio of 0.89.

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

Chemung Financial Announces Dividend

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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's payout ratio is 54.70%.

Hedge Funds Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently bought and sold shares of CHMG. Raymond James Financial Inc. purchased a new position in Chemung Financial during the 4th quarter valued at about $412,000. JPMorgan Chase & Co. grew its stake in Chemung Financial by 94.9% during the 4th quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank's stock valued at $925,000 after acquiring an additional 9,226 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Chemung Financial during the 4th quarter valued at about $364,000. Trexquant Investment LP purchased a new position in Chemung Financial during the 4th quarter valued at about $425,000. Finally, Wells Fargo & Company MN grew its stake in Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after acquiring an additional 416 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CHMG. Piper Sandler dropped their price target on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods lifted their price target on Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a research note on Monday, July 21st.

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.