Bank of New York Mellon Corp Buys 1,389 Shares of Chemung Financial Corp (CHMG)
Bank of New York Mellon Corp raised its holdings in Chemung Financial Corp (NASDAQ:CHMG) by 7.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,494 shares of the bank’s stock after buying an additional 1,389 shares during the quarter. Bank of New York Mellon Corp owned about 0.43% of Chemung Financial worth $965,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CHMG. State Street Corp grew its position in shares of Chemung Financial by 12.5% in the 2nd quarter. State Street Corp now owns 45,806 shares of the bank’s stock worth $1,871,000 after buying an additional 5,097 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Chemung Financial by 166.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,580 shares of the bank’s stock worth $228,000 after buying an additional 3,489 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Chemung Financial by 31.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,517 shares of the bank’s stock worth $471,000 after buying an additional 2,771 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Chemung Financial by 47.9% in the 2nd quarter. Wells Fargo & Company MN now owns 6,484 shares of the bank’s stock worth $265,000 after buying an additional 2,101 shares during the last quarter. Finally, Nationwide Fund Advisors grew its position in shares of Chemung Financial by 58.0% in the 3rd quarter. Nationwide Fund Advisors now owns 5,177 shares of the bank’s stock worth $244,000 after buying an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 30.90% of the company’s stock.
Shares of Chemung Financial Corp (NASDAQ:CHMG) opened at $50.24 on Friday. The firm has a market capitalization of $228.72, a P/E ratio of 19.18 and a beta of 0.28. Chemung Financial Corp has a 1 year low of $31.72 and a 1 year high of $56.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 19th were given a dividend of $0.26 per share. The ex-dividend date was Monday, December 18th. This represents a $1.04 annualized dividend and a dividend yield of 2.07%. Chemung Financial’s dividend payout ratio is presently 39.69%.
In related news, CFO Karl Francis Krebs sold 750 shares of Chemung Financial stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $46.67, for a total transaction of $35,002.50. Following the sale, the chief financial officer now directly owns 3,462 shares in the company, valued at $161,571.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 22.28% of the company’s stock.
A number of brokerages have recently weighed in on CHMG. Sandler O’Neill set a $53.00 price objective on Chemung Financial and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. BidaskClub upgraded Chemung Financial from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 21st. Finally, ValuEngine lowered Chemung Financial from a “buy” rating to a “hold” rating in a research report on Friday, December 1st.
Chemung Financial Profile
Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG).
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