Insider Buying: Chemung Financial Corp (NASDAQ:CHMG) EVP Acquires 2,983 Shares of Stock

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 bought 2,983 shares of Chemung Financial stock in a transaction dated Tuesday, August 5th. The shares were bought at an average cost of $50.10 per share, for a total transaction of $149,448.30. Following the completion of the acquisition, the executive vice president owned 9,331 shares in the company, valued at $467,483.10. This represents a 46.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chemung Financial Trading Down 0.1%

CHMG stock traded down $0.03 during mid-day trading on Tuesday, reaching $49.99. The company's stock had a trading volume of 7,751 shares, compared to its average volume of 14,680. The company has a market cap of $239.46 million, a price-to-earnings ratio of 21.36 and a beta of 0.39. The business's 50 day moving average price is $49.55 and its 200 day moving average price is $48.20. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced 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 return on equity of 10.83% and a net margin of 8.19%. The firm had revenue of $10.10 million during the quarter, compared to analysts' expectations of $26.26 million. On average, equities research analysts predict that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were issued a dividend of $0.32 per share. The ex-dividend date was Tuesday, June 17th. This represents a $1.28 annualized dividend and a yield of 2.6%. Chemung Financial's dividend payout ratio is 54.70%.

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. grew its holdings in Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares in the last quarter. JFS Wealth Advisors LLC bought a new stake in Chemung Financial during the second quarter worth $88,000. Nuveen LLC bought a new stake in Chemung Financial during the first quarter worth $228,000. Jane Street Group LLC purchased a new position in Chemung Financial in the first quarter worth $255,000. Finally, Wells Fargo & Company MN boosted its position in Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after purchasing an additional 416 shares during the last quarter. Institutional investors own 47.50% of the company's stock.

Wall Street Analyst Weigh In

CHMG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a report on Monday, July 21st. Piper Sandler reduced their price objective 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.

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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