Chemung Financial Corp $CHMG Shares Bought by PL Capital Advisors LLC

PL Capital Advisors LLC raised its position in Chemung Financial Corp (NASDAQ:CHMG) by 84.9% in the 4th quarter, Holdings Channel reports. The fund owned 109,336 shares of the bank’s stock after acquiring an additional 50,209 shares during the period. Chemung Financial accounts for approximately 1.9% of PL Capital Advisors LLC’s holdings, making the stock its 13th biggest position. PL Capital Advisors LLC’s holdings in Chemung Financial were worth $6,101,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CHMG. AQR Capital Management LLC lifted its stake in shares of Chemung Financial by 55.4% in the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after acquiring an additional 2,638 shares during the period. Empowered Funds LLC lifted its stake in shares of Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 1,616 shares during the period. Jane Street Group LLC acquired a new stake in shares of Chemung Financial in the first quarter valued at about $255,000. Geode Capital Management LLC lifted its stake in shares of Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after purchasing an additional 12,917 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Chemung Financial by 27.7% in the second quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock valued at $197,000 after purchasing an additional 883 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Stock Down 1.2%

Shares of NASDAQ CHMG opened at $68.84 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. Chemung Financial Corp has a 52 week low of $43.20 and a 52 week high of $70.83. The firm has a 50-day moving average price of $61.71 and a 200 day moving average price of $57.99. The stock has a market capitalization of $331.81 million, a price-to-earnings ratio of 18.16 and a beta of 0.59.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Friday, April 17th. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.63 by $0.28. The firm had revenue of $29.90 million during the quarter, compared to analysts’ expectations of $29.21 million. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. Equities research analysts anticipate that Chemung Financial Corp will post 6.75 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 2.0%. Chemung Financial’s payout ratio is presently 35.88%.

Analyst Ratings Changes

Several brokerages recently commented on CHMG. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Finally, Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $64.00.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of Chemung Financial stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the transaction, the director owned 8,050 shares in the company, valued at approximately $525,906.50. The trade was a 8.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.41% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.