Chemung Financial Co. (NASDAQ:CHMG) Holdings Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in Chemung Financial Co. (NASDAQ:CHMG) by 233.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,720 shares of the bank’s stock after purchasing an additional 6,802 shares during the quarter. JPMorgan Chase & Co. owned 0.20% of Chemung Financial worth $467,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial in the third quarter valued at $324,000. Barclays PLC increased its holdings in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 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 worth $580,000 after purchasing an additional 4,611 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after purchasing an additional 1,072 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,400 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Trading Up 0.9 %

Shares of NASDAQ:CHMG opened at $47.12 on Wednesday. Chemung Financial Co. has a 1 year low of $39.00 and a 1 year high of $55.73. The firm has a fifty day moving average price of $49.85 and a 200 day moving average price of $48.34. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $224.29 million, a PE ratio of 10.42 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. Analysts expect that Chemung Financial Co. will post 4.94 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a $0.31 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.63%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insiders Place Their Bets

In other news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph F. Iv Meade purchased 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The stock was bought at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the acquisition, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.04% of the company’s stock.

Analysts Set New Price Targets

CHMG has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Piper Sandler started coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target for the company.

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.