The Manufacturers Life Insurance Company Buys 18,171 Shares of Chemung Financial Corp $CHMG

The Manufacturers Life Insurance Company grew its stake in Chemung Financial Corp (NASDAQ:CHMG) by 13.0% during the first quarter, HoldingsChannel reports. The fund owned 157,633 shares of the bank’s stock after acquiring an additional 18,171 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Chemung Financial were worth $8,484,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CHMG. AQR Capital Management LLC lifted its stake in shares of Chemung Financial by 55.4% during the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after purchasing an additional 2,638 shares during the last quarter. Empowered Funds LLC grew its stake in Chemung Financial by 7.3% in the first 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 during the last quarter. Jane Street Group LLC purchased a new position in Chemung Financial in the first quarter valued at about $255,000. Geode Capital Management LLC grew its stake in Chemung Financial by 16.1% in the second 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 raised its holdings in Chemung Financial by 27.7% in the second quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock worth $197,000 after purchasing an additional 883 shares in the last quarter. 47.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings lowered shares of Chemung Financial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Finally, Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Chemung Financial currently has a consensus rating of “Buy” and an average target price of $81.00.

Chemung Financial Trading Up 0.9%

NASDAQ:CHMG opened at $82.37 on Wednesday. The company has a market capitalization of $397.02 million, a P/E ratio of 11.83 and a beta of 0.58. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. Chemung Financial Corp has a 12 month low of $49.04 and a 12 month high of $85.00. The firm has a fifty day simple moving average of $74.35 and a 200-day simple moving average of $64.97.

Chemung Financial (NASDAQ:CHMG) last released 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 firm had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%. On average, equities research analysts anticipate that Chemung Financial Corp will post 7.39 earnings per share for the current year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders 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 dividend yield of 1.7%. Chemung Financial’s dividend payout ratio is currently 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.