PL Capital Advisors LLC Invests $96,000 in Chemung Financial Co. (NASDAQ:CHMG)

PL Capital Advisors LLC acquired a new position in Chemung Financial Co. (NASDAQ:CHMG) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,972 shares of the bank’s stock, valued at approximately $96,000. Chemung Financial accounts for approximately 0.0% of PL Capital Advisors LLC’s investment portfolio, making the stock its 28th largest holding.

Several other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Chemung Financial by 2.6% during the 3rd 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 in the last quarter. Empowered Funds LLC raised its holdings in Chemung Financial by 4.9% during the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after acquiring an additional 1,033 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Chemung Financial by 117.4% during the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank’s stock valued at $956,000 after purchasing an additional 10,584 shares during the last quarter. Martingale Asset Management L P grew its stake 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 purchasing an additional 4,611 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after buying an additional 6,802 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $51.08 on Wednesday. The business’s 50 day moving average is $49.16 and its 200-day moving average is $48.86. The firm has a market cap of $243.09 million, a P/E ratio of 10.30 and a beta of 0.19. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73. 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 announced its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Equities research analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.51%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, March 18th. Chemung Financial’s dividend payout ratio is presently 25.81%.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade purchased 592 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were bought at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the purchase, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.04% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CHMG. Piper Sandler assumed coverage on shares of Chemung Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

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.