Joseph F. Meade IV, a director at Chemung Financial Corp (NASDAQ:CHMG), recently acquired 592 shares of the company's common stock. The shares were purchased at an average price of $47.33 each, totaling approximately $28,019. The regional bank, with a market capitalization of $222 million, trades at a P/E ratio of 10.4 and offers a 2.66% dividend yield. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. Following this transaction, Meade holds a total of 3,709.8612 shares, which includes dividends received through the company's Dividend Reinvestment Plan. Notably, InvestingPro data reveals the company has maintained dividend payments for 51 consecutive years, demonstrating strong commitment to shareholder returns. Get access to more valuable insights and 12+ additional ProTips for CHMG on InvestingPro.
In other recent news, Chemung Financial Corp has announced the consolidation of its Clarence branch into the Williamsville location in New York. This development comes after the company's subsidiary, Chemung Canal Trust Company, received the necessary approvals from the New York State Department of Financial Services and the Federal Reserve Bank of New York. The Clarence branch, located at 9159 Main Street, has been merged with the Williamsville branch at 5529 Main Street, which has been operational since late 2024. Despite the consolidation, the Clarence facility will continue to operate as an administrative office.
This strategic decision is part of Chemung Financial's efforts to streamline operations and optimize its branch network, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. This recent development is part of broader operational adjustments by the company, as it continues to maintain dividend payments for a remarkable 51 consecutive years. The company's stock is listed on the Nasdaq Stock Market and, according to data from InvestingPro, is currently trading near its Fair Value.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.