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

Martingale Asset Management L P grew its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 61.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,078 shares of the bank’s stock after purchasing an additional 4,611 shares during the period. Martingale Asset Management L P owned 0.25% of Chemung Financial worth $580,000 at the end of the most recent quarter.

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

Insider Activity

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.04% of the company’s stock.

Analyst Ratings Changes

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

Chemung Financial Stock Performance

Shares of CHMG stock opened at $52.10 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $248.00 million, a price-to-earnings ratio of 11.53 and a beta of 0.17. Chemung Financial Co. has a one year low of $39.00 and a one year high of $52.70. The company has a 50 day moving average price of $48.94 and a 200 day moving average price of $46.73.

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

Chemung Financial Dividend Announcement

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

Chemung Financial Company Profile

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.