PL Capital Advisors LLC Purchases Shares of 1,972 Chemung Financial Co. (NASDAQ:CHMG)

PL Capital Advisors LLC bought a new stake in shares of Chemung Financial Co. (NASDAQ:CHMG) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 1,972 shares of the bank’s stock, valued at approximately $96,000. Chemung Financial makes up 0.0% of PL Capital Advisors LLC’s portfolio, making the stock its 28th largest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CHMG. Allspring Global Investments Holdings LLC acquired a new stake in Chemung Financial in the 4th quarter valued at $231,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial during the third quarter valued at $324,000. Barclays PLC boosted its stake in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares during the last quarter. Finally, Martingale Asset Management L P increased its position in shares of Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Insider Transactions at Chemung Financial

In related news, Director Joseph F. Iv Meade acquired 592 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were acquired at an average cost of $47.33 per share, for a total transaction 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on CHMG. Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target on the stock. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods raised their price target on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Chemung Financial Stock Performance

CHMG opened at $51.08 on Wednesday. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $49.16 and a two-hundred day moving average price of $48.86. The stock has a market capitalization of $243.09 million, a PE ratio of 10.30 and a beta of 0.19.

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

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.51%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, March 18th. Chemung Financial’s payout ratio is presently 25.81%.

About Chemung Financial

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.