37,921 Shares in Chemung Financial Co. (NASDAQ:CHMG) Purchased by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. acquired a new stake in Chemung Financial Co. (NASDAQ:CHMG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 37,921 shares of the bank's stock, valued at approximately $1,851,000. Basswood Capital Management L.L.C. owned 0.80% of Chemung Financial as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its holdings in Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after purchasing an additional 869 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of Chemung Financial in the fourth quarter valued at about $96,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Chemung Financial during the 4th quarter worth about $231,000. Wells Fargo & Company MN boosted its holdings in shares of Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after buying an additional 416 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in Chemung Financial by 8.2% in the 4th quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank's stock valued at $356,000 after buying an additional 552 shares during the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $44.69 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $214.07 million, a price-to-earnings ratio of 9.01 and a beta of 0.36. Chemung Financial Co. has a 52 week low of $40.71 and a 52 week high of $55.73. The firm's 50-day simple moving average is $46.15 and its 200 day simple moving average is $48.62.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. The company had revenue of $25.71 million for the quarter, compared to analysts' expectations of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, sell-side analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.86%. This is an increase from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date was Tuesday, March 18th. Chemung Financial's dividend payout ratio is presently 27.00%.

Analyst Ratings Changes

Several equities research analysts have issued reports on CHMG shares. Keefe, Bruyette & Woods cut their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Piper Sandler dropped their price target on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd.

Chemung Financial Company Profile

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.

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