Insider Buying: Chemung Financial Corp (NASDAQ:CHMG) Director Acquires 2,612 Shares of Stock

Chemung Financial Corp (NASDAQ:CHMG) Director Jeffrey B. Streeter acquired 2,612 shares of Chemung Financial stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average cost of $52.60 per share, with a total value of $137,391.20. Following the purchase, the director directly owned 29,202 shares of the company’s stock, valued at $1,536,025.20. This represents a 9.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Chemung Financial Trading Up 0.4%

NASDAQ:CHMG opened at $52.54 on Tuesday. The stock has a market capitalization of $251.67 million, a price-to-earnings ratio of 22.45 and a beta of 0.37. Chemung Financial Corp has a 52 week low of $40.71 and a 52 week high of $55.73. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average of $49.17 and a 200 day moving average of $48.05.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting the consensus estimate of $1.31. The firm had revenue of $10.10 million during the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. As a group, sell-side analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.44%. The ex-dividend date was Tuesday, June 17th. Chemung Financial’s dividend payout ratio is presently 54.70%.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently modified their holdings of the business. Russell Investments Group Ltd. boosted 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 worth $83,000 after purchasing an additional 869 shares in the last quarter. JFS Wealth Advisors LLC purchased a new position in shares of Chemung Financial in the second quarter worth $88,000. Nuveen LLC acquired a new stake in shares of Chemung Financial during the first quarter worth $228,000. Jane Street Group LLC acquired a new stake in shares of Chemung Financial during the first quarter worth $255,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Chemung Financial by 8.2% during 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. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler reduced their price target on Chemung Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods lifted their target price 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.

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.