Connor Clark & Lunn Investment Management Ltd. Has $1.02 Million Stock Position in Chemung Financial Co. (NASDAQ:CHMG)

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 209.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,879 shares of the bank’s stock after purchasing an additional 14,134 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.44% of Chemung Financial worth $1,019,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Empowered Funds LLC lifted its position in shares of Chemung Financial by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after buying an additional 1,033 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after buying an additional 1,968 shares during the last quarter. PL Capital Advisors LLC acquired a new stake in shares of Chemung Financial in the fourth quarter worth about $96,000. Martingale Asset Management L P lifted its position in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after buying an additional 4,611 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Chemung Financial in the fourth quarter worth about $231,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Insider Activity at Chemung Financial

In other news, Director Joseph F. Iv Meade purchased 592 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were purchased 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 directly owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. The trade was a 18.99 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.04% of the company’s stock.

Chemung Financial Trading Down 0.2 %

Chemung Financial stock opened at $49.37 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The business’s 50-day simple moving average is $49.48 and its 200-day simple moving average is $49.28. The firm has a market capitalization of $234.95 million, a PE ratio of 9.95 and a beta of 0.13. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Equities research analysts forecast that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.59%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, March 18th. Chemung Financial’s payout ratio is currently 25.81%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CHMG. Piper Sandler initiated coverage on Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Chemung Financial Company 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.