Barclays PLC Grows Position in Chemung Financial Co. (NASDAQ:CHMG)

Barclays PLC raised its holdings in Chemung Financial Co. (NASDAQ:CHMG) by 167.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,236 shares of the bank’s stock after purchasing an additional 5,788 shares during the period. Barclays PLC owned 0.19% of Chemung Financial worth $444,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CHMG. Martingale Asset Management L P grew its stake in Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial in the third quarter worth $324,000. Empowered Funds LLC grew its position in shares of Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after purchasing an additional 1,072 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after purchasing an additional 1,400 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after purchasing an additional 5,584 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler assumed coverage on shares of Chemung Financial in a report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price on the stock. Finally, StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $47.78 on Friday. The firm has a market capitalization of $227.39 million, a P/E ratio of 10.57 and a beta of 0.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock’s 50-day simple moving average is $50.92 and its two-hundred day simple moving average is $48.06. Chemung Financial Co. has a twelve month low of $39.00 and a twelve month high of $55.73.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. As a group, equities analysts anticipate that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a $0.31 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.60%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insider Activity at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at $244,322.91. The trade was a 17.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 12.04% of the stock is owned by insiders.

Chemung Financial 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.