Chemung Financial Co. (NASDAQ:CHMG) Shares Bought by Empowered Funds LLC

Empowered Funds LLC raised its stake in Chemung Financial Co. (NASDAQ:CHMG) by 5.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,245 shares of the bank’s stock after acquiring an additional 1,072 shares during the quarter. Empowered Funds LLC owned approximately 0.45% of Chemung Financial worth $1,020,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CHMG. Vanguard Group Inc. increased its stake in Chemung Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after purchasing an additional 5,649 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares in the last quarter. Bright Futures Wealth Management LLC. acquired a new stake in Chemung Financial during the 2nd quarter valued at approximately $200,000. Acadian Asset Management LLC grew its position in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after acquiring an additional 2,054 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position 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 worth $1,647,000 after acquiring an additional 1,400 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.04% of the company’s stock.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $51.40 on Friday. 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 stock has a market capitalization of $244.61 million, a price-to-earnings ratio of 11.37 and a beta of 0.15. The stock’s fifty day simple moving average is $48.42 and its 200 day simple moving average is $46.31. Chemung Financial Co. has a 52-week low of $39.00 and a 52-week high of $52.59.

Chemung Financial (NASDAQ:CHMG) last issued 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 for the quarter, compared to the consensus estimate of $24.00 million. As a group, 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 business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.31 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.41%. Chemung Financial’s dividend payout ratio is currently 27.43%.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday.

Chemung Financial Company Profile

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.