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

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 209.5% during the fourth quarter, Holdings Channel reports. The firm owned 20,879 shares of the bank’s stock after buying an additional 14,134 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Chemung Financial were worth $1,019,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Empowered Funds LLC boosted its holdings in shares of Chemung Financial by 4.9% in the 4th 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. Geode Capital Management LLC boosted its holdings in shares of Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after acquiring an additional 1,968 shares in the last quarter. PL Capital Advisors LLC acquired a new position in shares of Chemung Financial in the 4th quarter worth approximately $96,000. Martingale Asset Management L P boosted its holdings in shares of Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after acquiring an additional 4,611 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial in the 4th quarter worth approximately $231,000. 47.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CHMG. Piper Sandler began coverage on Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price on the stock. Keefe, Bruyette & Woods upped their price objective on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was bought at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the transaction, the director now 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.04% of the company’s stock.

Chemung Financial Stock Down 0.2 %

NASDAQ:CHMG opened at $49.37 on Friday. The stock’s fifty day moving average price is $49.48 and its two-hundred day moving average price is $49.28. Chemung Financial Co. has a 52-week low of $39.00 and a 52-week high of $55.73. 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 company has a market cap of $234.95 million, a price-to-earnings ratio of 9.95 and a beta of 0.13.

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

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 annualized dividend and a dividend yield of 2.59%. Chemung Financial’s payout ratio is presently 25.81%.

Chemung Financial 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.