Rhino Investment Partners Inc Has $1.13 Million Position in Chemung Financial Corp $CHMG

Rhino Investment Partners Inc boosted its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG) by 217.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,069 shares of the bank’s stock after acquiring an additional 14,440 shares during the quarter. Rhino Investment Partners Inc’s holdings in Chemung Financial were worth $1,134,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in Chemung Financial by 55.4% in the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after acquiring an additional 2,638 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Chemung Financial in the 1st quarter valued at $255,000. Geode Capital Management LLC lifted its stake in shares of Chemung Financial by 16.1% in the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after purchasing an additional 12,917 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Chemung Financial by 27.7% in the 2nd quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock valued at $197,000 after purchasing an additional 883 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on CHMG. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $81.00.

Chemung Financial Stock Up 1.9%

CHMG stock opened at $81.99 on Wednesday. The stock has a market capitalization of $395.19 million, a price-to-earnings ratio of 11.78 and a beta of 0.59. The company has a 50-day moving average of $73.07 and a two-hundred day moving average of $64.01. Chemung Financial Corp has a 52-week low of $48.61 and a 52-week high of $83.50. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%.The business had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. As a group, equities research analysts anticipate that Chemung Financial Corp will post 7.39 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.7%. Chemung Financial’s dividend payout ratio (DPR) is 19.54%.

Chemung Financial Company Profile

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.