Connor Clark & Lunn Investment Management Ltd. Invests $324,000 in Chemung Financial Co. (NASDAQ:CHMG)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Chemung Financial Co. (NASDAQ:CHMG) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,745 shares of the bank’s stock, valued at approximately $324,000.

Other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after acquiring an additional 397 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Chemung Financial by 5.3% during the 3rd 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. Renaissance Technologies LLC increased its holdings in shares of 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 purchasing an additional 1,400 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares during the period. Finally, Bright Futures Wealth Management LLC. purchased a new stake in Chemung Financial during the second quarter worth about $200,000. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $52.33 on Friday. The stock has a fifty day moving average price of $48.86 and a 200 day moving average price of $46.62. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $249.04 million, a PE ratio of 11.58 and a beta of 0.15. Chemung Financial Co. has a 1 year low of $39.00 and a 1 year high of $52.70.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly 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 return on equity of 10.60% and a net margin of 14.56%. The business had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. Sell-side analysts forecast that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s payout ratio is currently 27.43%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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.