Empowered Funds LLC Grows Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Empowered Funds LLC raised its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,278 shares of the bank’s stock after purchasing an additional 1,033 shares during the quarter. Empowered Funds LLC owned 0.47% of Chemung Financial worth $1,087,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Chemung Financial during the 3rd quarter valued at $324,000. Barclays PLC increased its stake in Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after acquiring an additional 6,802 shares during the period. Martingale Asset Management L P lifted its position in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after acquiring an additional 1,968 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the transaction, the director now owns 3,710 shares of the company’s stock, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.04% of the stock is owned by company insiders.

Chemung Financial Trading Up 0.9 %

Shares of Chemung Financial stock opened at $51.81 on Monday. 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 firm has a market cap of $246.62 million, a price-to-earnings ratio of 10.45 and a beta of 0.19. Chemung Financial Co. has a twelve month low of $39.00 and a twelve month high of $55.73. The business has a 50-day moving average price of $49.57 and a 200-day moving average price of $48.55.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Equities research analysts anticipate that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.39%. Chemung Financial’s dividend payout ratio (DPR) is currently 25.00%.

Analysts Set New Price Targets

Several analysts recently issued reports on CHMG shares. Piper Sandler started coverage on Chemung Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $57.00 target price on the stock. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

About Chemung Financial

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.