Empowered Funds LLC Buys 1,033 Shares of Chemung Financial Co. (NASDAQ:CHMG)

Empowered Funds LLC lifted its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 4.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 22,278 shares of the bank’s stock after buying an additional 1,033 shares during the quarter. Empowered Funds LLC’s holdings in Chemung Financial were worth $1,087,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CHMG. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Chemung Financial during the 3rd quarter worth $324,000. Barclays PLC grew its position in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of 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 in the last quarter. Martingale Asset Management L P increased its stake in shares of Chemung Financial by 61.8% during the third 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 during the period. Finally, Geode Capital Management LLC raised its holdings 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 valued at $3,690,000 after acquiring an additional 1,968 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of Chemung Financial stock in a transaction that occurred on Wednesday, January 15th. The shares were bought 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 approximately $175,594.30. This represents a 18.99 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price on the stock. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 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 Price Performance

Shares of CHMG stock opened at $51.81 on Monday. The company has a market cap of $246.62 million, a P/E ratio of 10.45 and a beta of 0.19. 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 stock’s 50-day moving average is $49.57 and its 200 day moving average is $48.55. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share 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%. Research analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, December 19th. Chemung Financial’s payout ratio is presently 25.00%.

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.