Bank of New York Mellon Corp Increases Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Bank of New York Mellon Corp boosted its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,618 shares of the bank’s stock after buying an additional 397 shares during the period. Bank of New York Mellon Corp owned approximately 0.24% of Chemung Financial worth $558,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its stake in shares of Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after acquiring an additional 5,081 shares during the period. Empowered Funds LLC raised its position in Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares during the period. Acadian Asset Management LLC lifted its stake in Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after purchasing an additional 2,011 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Chemung Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after buying an additional 5,649 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Trading Down 0.9 %

CHMG opened at $48.28 on Tuesday. Chemung Financial Co. has a one year low of $38.75 and a one year high of $51.36. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $229.43 million, a price-to-earnings ratio of 9.25 and a beta of 0.15. The stock’s 50 day moving average price is $46.85 and its 200-day moving average price is $44.31.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). The business had revenue of $36.98 million during the quarter, compared to analysts’ expectations of $24.08 million. Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. On average, equities analysts forecast that Chemung Financial Co. will post 4.81 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid a $0.31 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.57%. Chemung Financial’s dividend payout ratio is currently 23.75%.

Insiders Place Their Bets

In related news, EVP Thomas W. Wirth sold 764 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total value of $33,921.60. Following the completion of the sale, the executive vice president now owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.04% of the company’s stock.

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.