Chemung Financial Co. (NASDAQ:CHMG) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its position in Chemung Financial Co. (NASDAQ:CHMG) by 2.6% in the 3rd quarter, Holdings Channel reports. The fund owned 76,831 shares of the bank’s stock after purchasing an additional 1,968 shares during the period. Geode Capital Management LLC’s holdings in Chemung Financial were worth $3,690,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CHMG. Acadian Asset Management LLC grew its holdings in Chemung Financial by 8.2% during the 2nd 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 in the last quarter. Barclays PLC boosted its position in 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 buying an additional 5,788 shares during the last quarter. Renaissance Technologies LLC boosted its position 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 last quarter. Empowered Funds LLC grew its stake 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 valued at $1,020,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Chemung Financial by 3.5% during 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 during the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Piper Sandler started coverage on Chemung Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective for the company. StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods upped 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.

Chemung Financial Trading Down 1.4 %

NASDAQ:CHMG opened at $47.10 on Tuesday. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73. 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 company has a market cap of $224.15 million, a PE ratio of 10.42 and a beta of 0.19. The business’s 50 day moving average is $50.92 and its two-hundred day moving average is $48.18.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. The firm had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. On average, analysts predict that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid 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 2.63%. Chemung Financial’s dividend payout ratio (DPR) is 27.43%.

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.