Chemung Financial Co. (NASDAQ:CHMG) Shares Bought by Martingale Asset Management L P

Martingale Asset Management L P increased its stake in Chemung Financial Co. (NASDAQ:CHMG) by 61.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 12,078 shares of the bank’s stock after purchasing an additional 4,611 shares during the quarter. Martingale Asset Management L P’s holdings in Chemung Financial were worth $580,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Bright Futures Wealth Management LLC. purchased a new position in Chemung Financial in the 2nd quarter worth approximately $200,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Chemung Financial in the third quarter valued at $324,000. Bank of New York Mellon Corp grew its holdings in Chemung Financial by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares in the last quarter. Empowered Funds LLC grew its holdings in Chemung Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after purchasing an additional 1,072 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Price Performance

CHMG stock opened at $52.10 on Wednesday. The company has a market capitalization of $248.00 million, a PE ratio of 11.53 and a beta of 0.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average is $48.94 and its two-hundred day moving average is $46.73. Chemung Financial Co. has a 52-week low of $39.00 and a 52-week high of $52.70.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. Analysts predict that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.38%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.