31,474 Shares in Chemung Financial Corp $CHMG Purchased by Wellington Management Group LLP

Wellington Management Group LLP purchased a new position in Chemung Financial Corp (NASDAQ:CHMG) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 31,474 shares of the bank’s stock, valued at approximately $2,347,000.

Other large investors also recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in shares of Chemung Financial in the 2nd quarter worth approximately $28,000. Tower Research Capital LLC TRC lifted 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 valued at $43,000 after purchasing an additional 426 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Chemung Financial by 16.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after buying an additional 330 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several recent research reports. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. 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 research report on Tuesday, July 28th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Raymond James Financial started coverage on Chemung Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 target price on the stock. Finally, Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $84.00.

Chemung Financial Stock Performance

Chemung Financial stock opened at $84.81 on Friday. Chemung Financial Corp has a fifty-two week low of $49.82 and a fifty-two week high of $85.22. 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 company has a market cap of $408.78 million, a P/E ratio of 12.19 and a beta of 0.57. The firm’s 50 day simple moving average is $80.34 and its 200-day simple moving average is $69.39.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.05. The company had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. As a group, equities research analysts predict that Chemung Financial Corp will post 7.54 EPS for the current year.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.36 per share. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 17th. Chemung Financial’s dividend payout ratio is presently 19.54%.

Chemung Financial 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.