Joseph F. Iv Meade Buys 592 Shares of Chemung Financial Co. (NASDAQ:CHMG) Stock

Chemung Financial Co. (NASDAQ:CHMG) Director Joseph F. Iv Meade bought 592 shares of the stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average price of $47.33 per share, with a total value of $28,019.36. Following the acquisition, the director now owns 3,710 shares of the company’s stock, valued at $175,594.30. The trade was a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $47.10 on Friday. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73. The firm’s 50-day simple moving average is $50.50 and its two-hundred day simple moving average is $48.24. The firm has a market cap of $224.20 million, a price-to-earnings ratio of 10.42 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

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

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.31 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.63%. Chemung Financial’s payout ratio is 27.43%.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial during the 3rd quarter valued at approximately $324,000. Barclays PLC lifted its stake in shares of Chemung Financial by 167.9% during 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. Dimensional Fund Advisors LP boosted its holdings in Chemung Financial by 4.4% in 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 during the period. Finally, Martingale Asset Management L P grew its stake in Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods lifted 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. StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Piper Sandler assumed coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 price objective for the company.

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.