Chemung Financial Corp (NASDAQ:CHMG) Insider Acquires $25,056.25 in Stock

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) insider Jeffrey P. Kenefick bought 475 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were acquired at an average price of $52.75 per share, with a total value of $25,056.25. Following the completion of the transaction, the insider directly owned 10,535 shares of the company's stock, valued at $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Chemung Financial Price Performance

Shares of Chemung Financial stock traded down $0.57 on Thursday, reaching $52.82. The company's stock had a trading volume of 16,272 shares, compared to its average volume of 14,108. The company has a market capitalization of $253.01 million, a P/E ratio of 22.57 and a beta of 0.37. Chemung Financial Corp has a 52-week low of $40.71 and a 52-week high of $55.73. The stock has a 50-day moving average price of $48.81 and a 200-day moving average price of $47.85. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting analysts' consensus estimates of $1.31. The business had revenue of $10.10 million during the quarter, compared to analysts' expectations of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. Analysts expect that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's payout ratio is 54.70%.

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in Chemung Financial by 104.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares during the last quarter. JFS Wealth Advisors LLC acquired a new stake in Chemung Financial in the 2nd quarter worth about $88,000. Nuveen LLC acquired a new stake in Chemung Financial in the 1st quarter worth about $228,000. Jane Street Group LLC acquired a new stake in Chemung Financial in the 1st quarter worth about $255,000. Finally, Wells Fargo & Company MN boosted its holdings in Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after buying an additional 416 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CHMG. Keefe, Bruyette & Woods upped 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. Piper Sandler lowered their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a report 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.