Hsbc Holdings PLC Buys New Shares in Chemung Financial Corp $CHMG

Hsbc Holdings PLC bought a new position in Chemung Financial Corp (NASDAQ:CHMG) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 17,256 shares of the bank’s stock, valued at approximately $1,272,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CHMG. Legal & General Group Plc acquired a new position in shares of Chemung Financial in the 2nd quarter worth approximately $28,000. Tower Research Capital LLC TRC boosted its position in shares of Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after acquiring an additional 563 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after purchasing an additional 330 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

Analysts Set New Price Targets

CHMG has been the subject of a number of research reports. Zacks Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $81.00.

Chemung Financial Stock Performance

CHMG opened at $81.07 on Tuesday. The business’s 50-day simple moving average is $78.87 and its 200 day simple moving average is $68.02. Chemung Financial Corp has a 52-week low of $49.82 and a 52-week high of $85.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market capitalization of $390.76 million, a PE ratio of 11.65 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. The firm had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. As a group, sell-side analysts expect that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s payout ratio is currently 19.54%.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.