Basswood Capital Management L.L.C. Makes New Investment in Chemung Financial Co. (NASDAQ:CHMG)

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

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC grew its stake in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank's stock worth $444,000 after acquiring an additional 5,788 shares in the last quarter. Geode Capital Management LLC grew its position in Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock valued at $3,690,000 after purchasing an additional 1,968 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank's stock valued at $467,000 after buying an additional 6,802 shares during the last quarter. Empowered Funds LLC lifted its position in Chemung Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock worth $1,087,000 after buying an additional 1,033 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the 4th quarter worth about $231,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Stock Performance

NASDAQ CHMG traded down $0.35 during trading on Friday, reaching $46.12. 1,925 shares of the company's stock were exchanged, compared to its average volume of 13,517. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The business has a 50 day moving average price of $45.72 and a 200-day moving average price of $48.56. The stock has a market capitalization of $220.91 million, a P/E ratio of 9.30 and a beta of 0.36. Chemung Financial Co. has a fifty-two week low of $40.71 and a fifty-two week high of $55.73.

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

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were issued a dividend of $0.32 per share. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, March 18th. Chemung Financial's dividend payout ratio (DPR) is presently 27.00%.

Wall Street Analyst Weigh In

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

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.