Allspring Global Investments Holdings LLC Buys Shares of 4,732 Chemung Financial Co. (NASDAQ:CHMG)

Allspring Global Investments Holdings LLC bought a new stake in Chemung Financial Co. (NASDAQ:CHMG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 4,732 shares of the bank’s stock, valued at approximately $231,000. Allspring Global Investments Holdings LLC owned about 0.10% of Chemung Financial at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CHMG. Empowered Funds LLC boosted its stake in Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after purchasing an additional 1,033 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Chemung Financial by 233.1% in the 3rd 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 during the period. Barclays PLC increased its stake 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares in the last quarter. Finally, Martingale Asset Management L P increased its stake in shares of Chemung Financial by 61.8% during 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. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler initiated 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 cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $51.08 on Wednesday. The company has a market capitalization of $243.09 million, a PE ratio of 10.30 and a beta of 0.19. Chemung Financial Co. has a 52-week low of $39.00 and a 52-week high of $55.73. The stock’s 50 day moving average price is $49.16 and its 200 day moving average price is $48.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last posted 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 return on equity of 11.47% and a net margin of 15.70%. On average, research analysts anticipate that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a yield of 2.51%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s dividend payout ratio (DPR) is 25.81%.

Insiders Place Their Bets

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was purchased at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the acquisition, the director now owns 3,710 shares of the company’s stock, valued at $175,594.30. The trade was a 18.99 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 12.04% of the stock is currently owned by company insiders.

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.