The Manufacturers Life Insurance Company Makes New Investment in Chemung Financial Corp $CHMG

The Manufacturers Life Insurance Company acquired a new stake in Chemung Financial Corp (NASDAQ:CHMG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 162,219 shares of the bank’s stock, valued at approximately $12,098,000. The Manufacturers Life Insurance Company owned approximately 3.36% of Chemung Financial at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CHMG. PL Capital Advisors LLC raised its position in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after buying an additional 50,209 shares during the last quarter. Rhino Investment Partners Inc boosted its position in Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after acquiring an additional 14,440 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after acquiring an additional 426 shares during the last quarter. Orion Porfolio Solutions LLC purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $206,000. Finally, Bridgeway Capital Management LLC grew its stake in Chemung Financial by 0.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after acquiring an additional 350 shares during the period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Wall Street Zen lowered Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods increased their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Chemung Financial presently has an average rating of “Buy” and a consensus price target of $81.00.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $81.60 on Friday. Chemung Financial Corp has a one year low of $49.82 and a one year high of $85.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The company has a 50 day moving average price of $78.67 and a 200 day moving average price of $67.87. The firm has a market capitalization of $393.31 million, a price-to-earnings ratio of 11.72 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The company had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Sell-side analysts anticipate that Chemung Financial Corp will post 7.39 EPS for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.8%. Chemung Financial’s payout ratio is 19.54%.

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.