PL Capital Advisors LLC Raises Stock Position in Chemung Financial Corp $CHMG

PL Capital Advisors LLC grew its stake in Chemung Financial Corp (NASDAQ:CHMG) by 890.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 59,127 shares of the bank’s stock after purchasing an additional 53,155 shares during the period. Chemung Financial accounts for 1.0% of PL Capital Advisors LLC’s portfolio, making the stock its 16th biggest position. PL Capital Advisors LLC’s holdings in Chemung Financial were worth $3,105,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in Chemung Financial in the second quarter valued at $36,000. Tower Research Capital LLC TRC increased its position in shares of 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 in the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at about $67,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at about $73,000. Finally, CWM LLC boosted its position in shares of Chemung Financial by 168.1% in the 3rd quarter. CWM LLC now owns 1,630 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,022 shares during the period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHMG has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Zacks Research cut shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chemung Financial has an average rating of “Reduce” and a consensus price target of $57.00.

Chemung Financial Price Performance

Shares of NASDAQ:CHMG opened at $61.10 on Wednesday. Chemung Financial Corp has a 52 week low of $40.71 and a 52 week high of $62.69. The company has a 50-day moving average price of $56.04 and a 200 day moving average price of $53.35. The company has a market cap of $292.67 million, a P/E ratio of 19.46 and a beta of 0.48. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. The company had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. Chemung Financial had a return on equity of 11.80% and a net margin of 10.73%. Research analysts predict that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a yield of 2.2%. Chemung Financial’s payout ratio is currently 43.31%.

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.