Chemung Financial Corp (NASDAQ:CHMG) Director Jeffrey B. Streeter Purchases 4,103 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Jeffrey B. Streeter acquired 4,103 shares of the business’s stock in a transaction dated Thursday, July 24th. The stock was acquired at an average cost of $52.91 per share, for a total transaction of $217,089.73. Following the transaction, the director owned 21,590 shares of the company’s stock, valued at $1,142,326.90. This represents a 23.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Chemung Financial Stock Down 0.9%

CHMG stock opened at $52.33 on Friday. The company has a market cap of $250.66 million, a price-to-earnings ratio of 22.36 and a beta of 0.37. Chemung Financial Corp has a twelve month low of $40.71 and a twelve month high of $55.73. The business has a 50 day moving average price of $49.09 and a two-hundred day moving average price of $47.97. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share for the quarter, meeting the consensus estimate of $1.31. The business had revenue of $10.10 million during the quarter, compared to analysts’ expectations of $26.26 million. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%. Analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial’s dividend payout ratio (DPR) is presently 54.70%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in Chemung Financial by 104.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock valued at $83,000 after purchasing an additional 869 shares during the last quarter. JFS Wealth Advisors LLC acquired a new position in Chemung Financial during the second quarter worth approximately $88,000. Nuveen LLC bought a new stake in Chemung Financial in the first quarter valued at approximately $228,000. Jane Street Group LLC acquired a new stake in shares of Chemung Financial in the first quarter valued at approximately $255,000. Finally, Wells Fargo & Company MN lifted its position in shares of Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock valued at $268,000 after buying an additional 416 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHMG has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods raised their price objective on Chemung Financial from $55.00 to $59.00 and gave the company a “market perform” rating in a report on Monday, July 21st.

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.