Insider Buying: Chemung Financial Corp. (NASDAQ:CHMG) CFO Buys $86,997.60 in Stock

Chemung Financial Corp. (NASDAQ:CHMG) CFO Karl Francis Krebs bought 3,372 shares of the company’s stock in a transaction on Friday, March 20th. The stock was purchased at an average cost of $25.80 per share, for a total transaction of $86,997.60. Following the completion of the transaction, the chief financial officer now owns 6,401 shares in the company, valued at $165,145.80. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Karl Francis Krebs also recently made the following trade(s):

  • On Monday, March 23rd, Karl Francis Krebs bought 69 shares of Chemung Financial stock. The stock was purchased at an average cost of $25.85 per share, for a total transaction of $1,783.65.

CHMG opened at $31.90 on Thursday. The company has a market cap of $139.97 million, a PE ratio of 8.95 and a beta of 0.37. The stock has a 50-day moving average of $33.78 and a 200-day moving average of $40.69. Chemung Financial Corp. has a 52-week low of $21.75 and a 52-week high of $50.81. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.90 and a current ratio of 0.90.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.12). The company had revenue of $20.31 million for the quarter, compared to the consensus estimate of $20.42 million. Chemung Financial had a return on equity of 8.73% and a net margin of 17.94%. On average, research analysts predict that Chemung Financial Corp. will post 3.29 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 17th. This represents a $1.04 annualized dividend and a dividend yield of 3.26%. Chemung Financial’s dividend payout ratio (DPR) is presently 32.50%.

Several brokerages have weighed in on CHMG. Keefe, Bruyette & Woods began coverage on Chemung Financial in a research report on Friday, December 20th. They issued a “market perform” rating and a $49.00 target price on the stock. Zacks Investment Research lowered Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. DA Davidson raised Chemung Financial from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $44.00 to $37.00 in a research report on Monday, March 9th. Finally, TheStreet lowered Chemung Financial from a “b-” rating to a “c+” rating in a research report on Tuesday, March 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.00.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Chemung Financial by 0.9% during the 3rd quarter. State Street Corp now owns 51,938 shares of the bank’s stock worth $2,195,000 after acquiring an additional 485 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Chemung Financial by 11.4% during the 4th quarter. California Public Employees Retirement System now owns 6,855 shares of the bank’s stock worth $291,000 after acquiring an additional 700 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Chemung Financial during the 4th quarter worth about $552,000. Rhumbline Advisers boosted its stake in shares of Chemung Financial by 9.0% during the 3rd quarter. Rhumbline Advisers now owns 5,453 shares of the bank’s stock worth $229,000 after acquiring an additional 449 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Chemung Financial by 100.8% during the 4th quarter. Barclays PLC now owns 3,622 shares of the bank’s stock worth $154,000 after acquiring an additional 1,818 shares in the last quarter. Institutional investors own 36.07% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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