PL Capital Advisors LLC Takes Position in Chemung Financial Co. (NASDAQ:CHMG)

PL Capital Advisors LLC acquired a new position in shares of Chemung Financial Co. (NASDAQ:CHMG) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 96,253 shares of the bank’s stock, valued at approximately $4,698,000. Chemung Financial comprises approximately 0.1% of PL Capital Advisors LLC’s portfolio, making the stock its 27th biggest holding.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after buying an additional 6,802 shares during the period. Barclays PLC lifted its stake in Chemung Financial by 167.9% during the third 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. Empowered Funds LLC boosted its holdings 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 period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial in the fourth quarter worth about $231,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Chemung Financial Price Performance

NASDAQ CHMG opened at $51.08 on Wednesday. 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 capitalization of $243.09 million, a price-to-earnings ratio of 10.30 and a beta of 0.19. The company has a 50 day simple moving average of $49.16 and a 200-day simple moving average of $48.86. Chemung Financial Co. has a 52-week low of $39.00 and a 52-week high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 fiscal year.

Chemung Financial Increases Dividend

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

Insider Buying and Selling at Chemung Financial

In other news, Director Joseph F. Iv Meade purchased 592 shares of Chemung Financial stock in a transaction dated Wednesday, January 15th. The stock was acquired at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the acquisition, the director now directly owns 3,710 shares in the company, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 12.04% of the company’s stock.

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.