Hudock Inc. Acquires New Holdings in Chemung Financial Corp $CHMG

Hudock Inc. bought a new position in shares of Chemung Financial Corp (NASDAQ:CHMG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,914 shares of the bank’s stock, valued at approximately $1,634,000. Hudock Inc. owned approximately 0.45% of Chemung Financial as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CHMG. BlackRock Inc. acquired a new position in shares of Chemung Financial in the second quarter valued at approximately $29,197,000. PL Capital Advisors LLC raised its holdings in shares of Chemung Financial by 84.9% during the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares during the period. Rhino Investment Partners Inc raised its holdings in shares of Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after acquiring an additional 14,440 shares during the period. Hsbc Holdings PLC bought a new stake in Chemung Financial in the 2nd quarter valued at $1,272,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the 2nd quarter valued at $1,981,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Raymond James Financial began coverage on Chemung Financial in a research report on Tuesday, September 1st. They set an “outperform” rating and a $87.00 price objective for the company. Zacks Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Chemung Financial presently has an average rating of “Buy” and a consensus price target of $84.00.

Chemung Financial Stock Down 0.5%

CHMG stock traded down $0.41 during midday trading on Tuesday, hitting $84.43. The company’s stock had a trading volume of 77,181 shares, compared to its average volume of 32,141. The company’s fifty day moving average price is $79.78 and its 200 day moving average price is $68.86. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. Chemung Financial Corp has a twelve month low of $49.82 and a twelve month high of $85.22. The stock has a market capitalization of $407.04 million, a P/E ratio of 12.13 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. The company had revenue of $31.17 million during 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 business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.7%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 17th. Chemung Financial’s payout ratio is currently 20.69%.

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.