Empowered Funds LLC Has $1.02 Million Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Empowered Funds LLC boosted its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,245 shares of the bank’s stock after buying an additional 1,072 shares during the quarter. Empowered Funds LLC’s holdings in Chemung Financial were worth $1,020,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CHMG. Vanguard Group Inc. lifted its holdings in Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after buying an additional 5,649 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after buying an additional 5,584 shares in the last quarter. Bright Futures Wealth Management LLC. acquired a new position in Chemung Financial during the 2nd quarter worth $200,000. Acadian Asset Management LLC lifted its stake in shares of Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday.

Chemung Financial Price Performance

CHMG opened at $51.40 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $52.59. The company has a fifty day simple moving average of $48.42 and a 200 day simple moving average of $46.31. The stock has a market cap of $244.61 million, a P/E ratio of 11.37 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. On average, research analysts expect that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, December 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This represents a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.04% of the company’s stock.

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.