Hudock Inc. Makes New Investment in Chemung Financial Corp $CHMG

Hudock Inc. purchased a new stake in Chemung Financial Corp (NASDAQ:CHMG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 21,914 shares of the bank’s stock, valued at approximately $1,634,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Chemung Financial during the 2nd quarter worth about $29,197,000. Dimensional Fund Advisors LP lifted its stake in Chemung Financial by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Chemung Financial in the 2nd quarter valued at about $12,098,000. PL Capital Advisors LLC grew its holdings in Chemung Financial by 84.9% during the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after purchasing an additional 50,209 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after purchasing an additional 12,917 shares during the period. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Stock Performance

Chemung Financial stock traded down $0.41 during trading hours on Tuesday, hitting $84.43. The company had a trading volume of 77,181 shares, compared to its average volume of 32,141. The firm has a 50-day moving average of $79.78 and a 200 day moving average of $68.86. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The firm has a market cap of $407.04 million, a PE ratio of 12.13 and a beta of 0.57. Chemung Financial Corp has a one year low of $49.82 and a one year high of $85.22.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The company had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. On average, sell-side analysts expect that Chemung Financial Corp will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be paid a $0.36 dividend. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 17th. This represents a $1.44 annualized dividend and a yield of 1.7%. Chemung Financial’s dividend payout ratio is presently 20.69%.

Analyst Ratings Changes

Several analysts have issued reports on CHMG shares. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, August 30th. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Raymond James Financial began coverage on Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price target on the stock. Finally, Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $84.00.

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.