Barclays PLC Raises Stock Position in Chemung Financial Co. (NASDAQ:CHMG)

Barclays PLC boosted its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 20.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 11,134 shares of the bank’s stock after purchasing an additional 1,898 shares during the period. Barclays PLC owned approximately 0.23% of Chemung Financial worth $543,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on CHMG shares. Piper Sandler reduced their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods decreased their price target on shares of 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.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $46.60 on Friday. Chemung Financial Co. has a one year low of $40.71 and a one year high of $55.73. The stock has a market cap of $223.19 million, a PE 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. The stock has a 50 day moving average price of $45.72 and a 200 day moving average price of $48.56.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 11.47% and a net margin of 15.70%. Equities research analysts expect that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

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

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.