Bank of New York Mellon Corp Purchases 10,584 Shares of Chemung Financial Co. (NASDAQ:CHMG)

Bank of New York Mellon Corp grew its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 117.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,596 shares of the bank’s stock after purchasing an additional 10,584 shares during the period. Bank of New York Mellon Corp owned approximately 0.41% of Chemung Financial worth $956,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CHMG. Allspring Global Investments Holdings LLC purchased a new position in Chemung Financial during the fourth quarter worth about $231,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Chemung Financial during the third quarter worth about $324,000. Barclays PLC increased its position in shares of Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after purchasing an additional 6,802 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after purchasing an additional 4,611 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective on the stock. Keefe, Bruyette & Woods raised their price target on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $47.53 on Wednesday. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The business has a 50 day moving average of $49.60 and a 200 day moving average of $49.33. The company has a market capitalization of $227.62 million, a price-to-earnings ratio of 9.58 and a beta of 0.13.

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

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.69%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, March 18th. Chemung Financial’s dividend payout ratio is presently 25.81%.

Insider Activity

In related news, Director Joseph F. Iv Meade acquired 592 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average price of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now owns 3,710 shares in the company, valued at $175,594.30. This trade represents a 18.99 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.04% of the company’s stock.

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.