The Manufacturers Life Insurance Company Purchases New Stake in Chemung Financial Corp $CHMG

The Manufacturers Life Insurance Company purchased a new stake in shares of Chemung Financial Corp (NASDAQ:CHMG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 162,219 shares of the bank’s stock, valued at approximately $12,098,000.

Other institutional investors also recently bought and sold shares of the company. PL Capital Advisors LLC raised its position in shares of Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares in the last quarter. Rhino Investment Partners Inc boosted its position in shares of Chemung Financial by 217.8% during the 1st quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock valued at $1,134,000 after purchasing an additional 14,440 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares during the period. Orion Porfolio Solutions LLC acquired a new stake in Chemung Financial during the second quarter worth approximately $206,000. Finally, Bridgeway Capital Management LLC increased its holdings in Chemung Financial by 0.5% in the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after purchasing an additional 350 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Stock Performance

Shares of Chemung Financial stock opened at $81.60 on Friday. The business has a 50-day simple moving average of $78.67 and a 200 day simple moving average of $67.87. Chemung Financial Corp has a one year low of $49.82 and a one year high of $85.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The firm has a market capitalization of $393.31 million, a price-to-earnings ratio of 11.72 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. On average, research analysts anticipate that Chemung Financial Corp will post 7.39 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.8%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio (DPR) is 19.54%.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several recent analyst reports. Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Wall Street Zen lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Chemung Financial currently has a consensus rating of “Buy” and an average price target of $81.00.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.