Bright Futures Wealth Management LLC. Purchases Shares of 4,310 Chemung Financial Co. (NASDAQ:CHMG)

Bright Futures Wealth Management LLC. acquired a new position in shares of Chemung Financial Co. (NASDAQ:CHMG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,310 shares of the bank’s stock, valued at approximately $200,000.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Chemung Financial by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after purchasing an additional 5,649 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after buying an additional 1,400 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after buying an additional 397 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Chemung Financial by 369.5% in the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after buying an additional 5,081 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

Insider Transactions at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total value of $33,921.60. Following the completion of the transaction, the executive vice president now directly owns 3,926 shares of the company’s stock, valued at $174,314.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.04% of the company’s stock.

Chemung Financial Price Performance

NASDAQ CHMG opened at $46.40 on Tuesday. The firm’s 50 day moving average is $46.48 and its 200-day moving average is $43.97. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $220.86 million, a PE ratio of 8.89 and a beta of 0.15. Chemung Financial Co. has a 12-month low of $38.75 and a 12-month high of $51.36.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.07). Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. The business had revenue of $36.98 million during the quarter, compared to analyst estimates of $24.08 million. Equities research analysts anticipate that Chemung Financial Co. will post 4.81 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Thursday, September 19th. Chemung Financial’s dividend payout ratio (DPR) is 23.75%.

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.