Alpine Woods Capital Investors LLC Buys Shares of 5,000 Chemung Financial Corp. (CHMG)
Alpine Woods Capital Investors LLC bought a new stake in shares of Chemung Financial Corp. (NASDAQ:CHMG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,000 shares of the bank’s stock, valued at approximately $212,000. Alpine Woods Capital Investors LLC owned 0.10% of Chemung Financial at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Ramsey Quantitative Systems increased its stake in Chemung Financial by 108.8% in the 3rd quarter. Ramsey Quantitative Systems now owns 2,574 shares of the bank’s stock worth $109,000 after acquiring an additional 1,341 shares during the last quarter. Northern Trust Corp increased its stake in Chemung Financial by 3.5% in the 2nd quarter. Northern Trust Corp now owns 35,496 shares of the bank’s stock worth $1,778,000 after acquiring an additional 1,196 shares during the last quarter. Renaissance Technologies LLC increased its stake in Chemung Financial by 9.9% in the 2nd quarter. Renaissance Technologies LLC now owns 61,500 shares of the bank’s stock worth $3,082,000 after acquiring an additional 5,543 shares during the last quarter. BlackRock Inc. increased its stake in Chemung Financial by 10.9% in the 2nd quarter. BlackRock Inc. now owns 162,691 shares of the bank’s stock worth $8,152,000 after acquiring an additional 15,974 shares during the last quarter. Finally, Private Advisor Group LLC bought a new stake in Chemung Financial in the 2nd quarter worth approximately $322,000. 34.45% of the stock is currently owned by institutional investors.
In other Chemung Financial news, Director G. Thomas Jr. Tranter acquired 850 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average price of $42.50 per share, for a total transaction of $36,125.00. Following the acquisition, the director now directly owns 21,066 shares in the company, valued at $895,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 20.63% of the stock is owned by insiders.
Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Thursday, October 18th. The bank reported $1.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.18. The firm had revenue of $22.46 million during the quarter, compared to analysts’ expectations of $20.81 million. Chemung Financial had a return on equity of 8.58% and a net margin of 13.51%. Sell-side analysts predict that Chemung Financial Corp. will post 3.47 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Tuesday, December 18th. Chemung Financial’s dividend payout ratio (DPR) is 46.22%.
A number of equities analysts have recently commented on the company. Zacks Investment Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 target price for the company in a report on Wednesday, November 28th. FIG Partners assumed coverage on Chemung Financial in a report on Friday, September 28th. They issued a “hold” rating and a $47.00 target price for the company. Finally, ValuEngine cut Chemung Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $49.33.
TRADEMARK VIOLATION WARNING: “Alpine Woods Capital Investors LLC Buys Shares of 5,000 Chemung Financial Corp. (CHMG)” was first reported by Marea Informative and is the sole property of of Marea Informative. If you are viewing this piece on another domain, it was copied illegally and reposted in violation of international copyright & trademark laws. The legal version of this piece can be accessed at https://www.mareainformativa.com/news/2018/12/08/5000-shares-in-chemung-financial-corp-chmg-purchased-by-alpine-woods-capital-investors-llc-updated-updated-updated.html.
About Chemung Financial
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
Read More: Call Option
Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.