PL Capital Advisors LLC Acquires Shares of 96,253 Chemung Financial Co. (NASDAQ:CHMG)

PL Capital Advisors LLC bought a new position in Chemung Financial Co. (NASDAQ:CHMG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 96,253 shares of the bank’s stock, valued at approximately $4,698,000. Chemung Financial makes up about 0.1% of PL Capital Advisors LLC’s portfolio, making the stock its 27th biggest position. PL Capital Advisors LLC owned 2.02% of Chemung Financial as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after acquiring an additional 6,802 shares during the period. Barclays PLC raised its stake in Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after acquiring an additional 5,788 shares during the period. Empowered Funds LLC lifted its holdings in Chemung Financial by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after acquiring an additional 1,033 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Chemung Financial in the fourth quarter valued at approximately $231,000. 47.50% of the stock is currently owned by institutional investors.

Insider Activity at Chemung Financial

In other news, Director Joseph F. Iv Meade bought 592 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the acquisition, the director now directly owns 3,710 shares in the company, valued at approximately $175,594.30. The trade was a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.04% of the company’s stock.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $51.08 on Wednesday. Chemung Financial Co. has a 12-month low of $39.00 and a 12-month high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $243.09 million, a price-to-earnings ratio of 10.30 and a beta of 0.19. The business has a 50 day simple moving average of $49.16 and a 200 day simple moving average of $48.86.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. On average, equities research analysts anticipate that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, March 18th. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 2.51%. Chemung Financial’s dividend payout ratio (DPR) is 25.81%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHMG. Keefe, Bruyette & Woods raised their price target on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Piper Sandler started coverage on shares of Chemung Financial in a report on Friday, December 20th. They set a “neutral” rating and a $57.00 price target for the company.

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.