Chemung Financial Corp Director Joseph Meade buys $28,019 worth of stock from Investing.com
Joseph F. Meade IV, director at Chemung Financial Corp (NASDAQ:), recently acquired 592 common shares of the company. The shares were purchased at an average price of $47.33 each, for a total of approximately $28,019. Regional Bank, with a market cap 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 to be 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. Especially, InvestingPro data reveals that the company has maintained dividend payments for 51 consecutive years, demonstrating a strong commitment to shareholder returns. Get access to more valuable insights and 12+ additional pro tips for CHMG at InvestingPro.
In other recent news, Chemung Financial Corp announced the consolidation of its Clarence Branch in Williamsville, New York location. 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 the company’s wider operational adjustments, as it continues to pay a dividend for 51 consecutive years. The company’s shares are listed on the Nasdaq stock exchange and, according to InvestingPro, are currently trading close to their fair value.
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