JPMorgan Chase & Co. Acquires 6,802 Shares of Chemung Financial Co. (NASDAQ:CHMG)

JPMorgan Chase & Co. lifted its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG) by 233.1% in the third quarter, Holdings Channel.com reports. The fund owned 9,720 shares of the bank’s stock after purchasing an additional 6,802 shares during the quarter. JPMorgan Chase & Co.’s holdings in Chemung Financial were worth $467,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Chemung Financial during the third quarter worth about $324,000. Barclays PLC boosted its stake in Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after buying an additional 5,788 shares in the last quarter. Martingale Asset Management L P grew its position in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares during the period. Empowered Funds LLC lifted its holdings in shares of Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after acquiring an additional 1,072 shares during the period. Finally, Renaissance Technologies LLC boosted 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 in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Chemung Financial news, Director Joseph F. Iv Meade purchased 592 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the transaction, the director now directly owns 3,710 shares of the company’s stock, valued at $175,594.30. This represents a 18.99 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.04% of the stock is owned by company insiders.

Chemung Financial Stock Performance

Shares of Chemung Financial stock opened at $47.12 on Wednesday. The firm has a 50 day simple moving average of $49.85 and a 200 day simple moving average of $48.34. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $224.29 million, a P/E ratio of 10.42 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. Sell-side analysts predict that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company 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 annualized dividend and a yield of 2.63%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CHMG. Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Piper Sandler started coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price for the company.

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.