Chemung Financial
CHMG on Nasdaq. Chemung Financial Corporation sells banking and investment services to people and businesses. Market value $395m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 13 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.46.
Profit per $100 you pay: $8.52.
Quality score: 85 of 100. Price score: 88 of 100. Our list needs 70 on quality and 60 on price.
$81.62 a share, 64% above its 1-year low
Over the past year the price has ranged from $49.82 to $86.00.
Dividend: 1.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $9 million, after a loss of $6 million a year ago.
- Spare cash over the past 12 months: $45 million, up from $29 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $6m |
| December 2024 | $6m |
| March 2025 | $6m |
| June 2025 | -$6m |
| September 2025 | $8m |
| December 2025 | $8m |
| March 2026 | $9m |
| June 2026 | $9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 103 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $3m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $3m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $1m | <0.1% | Cut |
Largest holders overall
- BlackRock$29mAdded
- Chemung Canal Trust$21m
- Dimensional Fund Advisors LP$14mAdded
- Vanguard Capital Management$12mCut
- Manufacturers Life Insurance Company, the$12mAdded
- PL Capital Advisors$8m
- Geode Capital Management$7mAdded
- Acadian Asset Management$7mAdded
- State Street$5mAdded
- Renaissance Technologies$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- CHEMUNG CANAL TRUST COPassive investor6.3%−1.1 ptsSince 30 June 2026
- Dalrymple Family Limited PartnershipPassive investorat least 5.7%−0.7 pts(filed with 2 related holders)Since 31 December 2020
- BlackRock, Inc.Passive investor5.3%+0.9 ptsSince 30 June 2026
- Fourthstone LLCPassive investorat least 3.3%(filed with 5 related holders)Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
CHEMUNG CANAL TRUST CO Passive investor | 6.3%−1.1 pts | 30 June 2026 | |
Dalrymple Family Limited Partnership Passive investor | at least 5.7%−0.7 pts (filed with 2 related holders) | 31 December 2020 | |
BlackRock, Inc. Passive investor | 5.3%+0.9 pts | 30 June 2026 | |
Fourthstone LLC Passive investor | at least 3.3% (filed with 5 related holders) | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $181,352 of shares on the open market. 4 sold $733,687.
- COLE LOREN DEVP & CIOSold
- Date
- 16 September 2026
- Shares
- 5,160
- Price
- $83.50
- Value
- $430,847
- Tyrrell Thomas R.DirectorSold
- Date
- 27 April 2026
- Shares
- 788
- Price
- $65.33
- Value
- $51,480
- Dalrymple Robert HDirectorSold
- Date
- 26 February 2026
- Shares
- 2,833
- Price
- $56.56
- Value
- $160,234
- Fariello Daniel DPresident, Capital Bank Div.Sold
- Date
- 4 February 2026
- Shares
- 748
- Price
- $61.13
- Value
- $45,725
- Fariello Daniel DPresident, Capital Bank Div.Sold
- Date
- 3 February 2026
- Shares
- 242
- Price
- $61.57
- Value
- $14,900
- Tyrrell Thomas R.DirectorSold
- Date
- 2 February 2026
- Shares
- 500
- Price
- $61.00
- Value
- $30,500
- STREETER JEFFREY BDirectorBought
- Date
- 29 October 2025
- Shares
- 2,184
- Price
- $51.92
- Value
- $113,393
- STREETER JEFFREY BDirectorBought
- Date
- 28 October 2025
- Shares
- 1,316
- Price
- $51.64
- Value
- $67,958
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | COLE LOREN D EVP & CIO | Sold | 5,160 | $83.50 | $430,847 |
| 27 April 2026 | Tyrrell Thomas R. Director | Sold | 788 | $65.33 | $51,480 |
| 26 February 2026 | Dalrymple Robert H Director | Sold | 2,833 | $56.56 | $160,234 |
| 4 February 2026 | Fariello Daniel D President, Capital Bank Div. | Sold | 748 | $61.13 | $45,725 |
| 3 February 2026 | Fariello Daniel D President, Capital Bank Div. | Sold | 242 | $61.57 | $14,900 |
| 2 February 2026 | Tyrrell Thomas R. Director | Sold | 500 | $61.00 | $30,500 |
| 29 October 2025 | STREETER JEFFREY B Director | Bought | 2,184 | $51.92 | $113,393 |
| 28 October 2025 | STREETER JEFFREY B Director | Bought | 1,316 | $51.64 | $67,958 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
The Corporation's common stock is subordinate to its existing and future indebtedness.
Could happenShares of the Corporation's common stock are equity interests and do not constitute indebtedness. As such, the Corporation's common stock ranks junior to all of its customer deposits and indebtedness, and other non-equity claims, with respect to assets available to satisfy claims. In addition, the shares of common stock rank junior to the noteholders of the $45.0 million in subordinated debt that the Corporation issued in June 2025.
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The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.