Barclays PLC Boosts Stake in Chemung Financial Co. (NASDAQ:CHMG)

Barclays PLC lifted its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG) by 20.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 11,134 shares of the bank’s stock after acquiring an additional 1,898 shares during the quarter. Barclays PLC’s holdings in Chemung Financial were worth $543,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its position in Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock valued at $83,000 after buying an additional 869 shares during the last quarter. PL Capital Advisors LLC purchased a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $96,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial in the 4th quarter worth approximately $231,000. Wells Fargo & Company MN boosted its position in shares of Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock worth $268,000 after purchasing an additional 416 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Chemung Financial in the 4th quarter valued at approximately $364,000. 47.50% of the stock is owned by institutional investors and hedge funds.

Chemung Financial Trading Up 2.5 %

Shares of CHMG stock opened at $46.60 on Friday. Chemung Financial Co. has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The company has a 50 day moving average price of $45.72 and a 200 day moving average price of $48.56. The stock has a market capitalization of $223.19 million, a P/E ratio of 9.39 and a beta of 0.36. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. The business had revenue of $25.71 million during the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Equities research analysts predict that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were issued a dividend of $0.32 per share. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.28 annualized dividend and a yield of 2.75%. Chemung Financial’s dividend payout ratio is 27.00%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CHMG. Keefe, Bruyette & Woods decreased their price target on Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 22nd. Piper Sandler decreased their target price on Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd.

Chemung Financial 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.