Insider Buying: Chemung Financial Corp (NASDAQ:CHMG) Director Purchases $264,700.00 in Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Jeffrey B. Streeter bought 5,000 shares of the company’s stock in a transaction dated Friday, July 25th. The stock was bought at an average cost of $52.94 per share, with a total value of $264,700.00. Following the acquisition, the director directly owned 26,590 shares of the company’s stock, valued at approximately $1,407,674.60. The trade was a 23.16% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Chemung Financial Stock Performance

Chemung Financial stock opened at $52.33 on Monday. The business has a 50 day moving average of $49.09 and a 200-day moving average of $48.00. The company has a market capitalization of $250.66 million, a P/E ratio of 22.36 and a beta of 0.37. Chemung Financial Corp has a 1 year low of $40.71 and a 1 year high of $55.73. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.89 and a quick ratio of 0.89.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, hitting analysts’ consensus estimates of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%. The company had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. On average, equities research analysts predict that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

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

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in Chemung Financial during the 4th quarter valued at approximately $412,000. JPMorgan Chase & Co. increased its position in shares of Chemung Financial by 94.9% during the fourth quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank’s stock worth $925,000 after buying an additional 9,226 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Chemung Financial during the fourth quarter worth $364,000. Trexquant Investment LP acquired a new position in Chemung Financial in the fourth quarter valued at $425,000. Finally, Wells Fargo & Company MN grew its holdings in Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock worth $268,000 after acquiring an additional 416 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on CHMG. Piper Sandler cut their target price on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $55.00 to $59.00 and gave the company a “market perform” rating in a research note 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.