PL Capital Advisors LLC Purchases 4,000 Shares of Chemung Financial Corp $CHMG

PL Capital Advisors LLC raised its stake in Chemung Financial Corp (NASDAQ:CHMG) by 202.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 5,972 shares of the bank’s stock after buying an additional 4,000 shares during the quarter. Chemung Financial comprises 0.1% of PL Capital Advisors LLC’s investment portfolio, making the stock its 22nd largest position. PL Capital Advisors LLC’s holdings in Chemung Financial were worth $289,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JFS Wealth Advisors LLC purchased a new stake in shares of Chemung Financial in the second quarter worth approximately $88,000. Nuveen LLC purchased a new stake in shares of Chemung Financial in the first quarter worth approximately $228,000. Jane Street Group LLC purchased a new stake in shares of Chemung Financial in the first quarter worth approximately $255,000. Modern Wealth Management LLC purchased a new stake in shares of Chemung Financial in the first quarter worth approximately $290,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Chemung Financial in the first quarter worth approximately $299,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Jeffrey B. Streeter acquired 2,184 shares of Chemung Financial stock in a transaction on Wednesday, October 29th. The stock was acquired at an average cost of $51.92 per share, with a total value of $113,393.28. Following the completion of the acquisition, the director owned 32,726 shares in the company, valued at approximately $1,699,133.92. This trade represents a 7.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.04% of the company’s stock.

Analyst Upgrades and Downgrades

CHMG has been the subject of several analyst reports. Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 29th. 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 report on Monday, July 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.50.

Chemung Financial Stock Performance

Shares of CHMG opened at $50.98 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $244.19 million, a price-to-earnings ratio of 18.40 and a beta of 0.44. The stock has a 50 day moving average of $52.37 and a 200 day moving average of $49.97. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $55.73.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a return on equity of 11.52% and a net margin of 9.58%.The business had revenue of $25.71 million during the quarter. As a group, sell-side analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.7%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, September 17th. Chemung Financial’s dividend payout ratio is currently 49.10%.

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.