14,315 Shares in Chemung Financial Co. (NASDAQ:CHMG) Acquired by Man Group plc

Man Group plc bought a new position in shares of Chemung Financial Co. (NASDAQ:CHMG) during the 4th quarter, HoldingsChannel.com reports. The fund bought 14,315 shares of the bank’s stock, valued at approximately $699,000.

Several other large investors have also recently added to or reduced their stakes in CHMG. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $364,000. Renaissance Technologies LLC increased its position in shares of Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank’s stock valued at $2,066,000 after purchasing an additional 3,581 shares during the last quarter. JPMorgan Chase & Co. increased its position 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 purchasing an additional 6,802 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $412,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Chemung Financial by 209.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank’s stock valued at $1,019,000 after purchasing an additional 14,134 shares during the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Trading Down 0.6%

Shares of Chemung Financial stock opened at $46.73 on Monday. The company has a fifty day simple moving average of $45.42 and a 200-day simple moving average of $48.56. Chemung Financial Co. has a 12-month low of $40.71 and a 12-month 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. The stock has a market cap of $223.84 million, a price-to-earnings ratio of 9.42 and a beta of 0.36.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.04. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. The business had revenue of $25.71 million during the quarter, compared to analysts’ expectations of $25.90 million. On average, equities analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Tuesday, June 17th. Chemung Financial’s payout ratio is 27.00%.

Analysts Set New Price Targets

A number of equities research analysts have commented on CHMG shares. Keefe, Bruyette & Woods dropped their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler dropped their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd.

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.