Barclays PLC Increases Stock Position in Chemung Financial Co. (NASDAQ:CHMG)

Barclays PLC boosted its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 167.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,236 shares of the bank’s stock after purchasing an additional 5,788 shares during the period. Barclays PLC’s holdings in Chemung Financial were worth $444,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CHMG. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Chemung Financial during the third quarter valued at about $324,000. Bank of New York Mellon Corp boosted its holdings in Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares during the last quarter. Martingale Asset Management L P grew its stake in Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after purchasing an additional 4,611 shares in the last quarter. Empowered Funds LLC increased its holdings in Chemung Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after purchasing an additional 1,072 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position 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 in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $47.10 on Friday. The business has a 50 day simple moving average of $50.50 and a 200-day simple moving average of $48.24. Chemung Financial Co. has a twelve month low of $39.00 and a twelve month high of $55.73. The company has a market capitalization of $224.20 million, a price-to-earnings ratio of 10.42 and a beta of 0.19. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The firm had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. As a group, equities research analysts expect that Chemung Financial Co. will post 4.94 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.31 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.63%. Chemung Financial’s dividend payout ratio is currently 27.43%.

Wall Street Analyst Weigh In

CHMG has been the subject of a number of research analyst reports. StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods boosted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price target on the stock.

Insider Buying and Selling at Chemung Financial

In related news, Director Joseph F. Iv Meade bought 592 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were bought at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the purchase, the director now owns 3,710 shares of the company’s stock, valued at $175,594.30. This represents a 18.99 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Loren D. Cole sold 1,000 shares of the company’s 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 transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their position. The disclosure for this sale can be found here. 12.04% of the stock is currently owned by insiders.

Chemung Financial 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.