Chemung Financial Corp (NASDAQ:CHMG) Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. reduced its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 311,642 shares of the bank's stock after selling 6,985 shares during the quarter. Chemung Financial accounts for 3.3% of Chemung Canal Trust Co.'s portfolio, making the stock its 4th largest position. Chemung Canal Trust Co. owned about 6.51% of Chemung Financial worth $14,825,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CHMG. Dimensional Fund Advisors LP boosted its holdings in shares of Chemung Financial by 7.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock valued at $7,633,000 after buying an additional 11,410 shares during the period. Bridgeway Capital Management LLC grew its position in Chemung Financial by 3.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock worth $3,808,000 after buying an additional 2,633 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Chemung Financial by 9.2% during the fourth quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock valued at $2,066,000 after acquiring an additional 3,581 shares during the period. Basswood Capital Management L.L.C. acquired a new stake in shares of Chemung Financial during the fourth quarter valued at approximately $1,851,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Chemung Financial by 209.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank's stock valued at $1,019,000 after acquiring an additional 14,134 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Chemung Financial Stock Performance

NASDAQ CHMG opened at $51.67 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $247.50 million, a price-to-earnings ratio of 10.90 and a beta of 0.37. The firm's 50 day simple moving average is $47.47 and its 200 day simple moving average is $47.61. Chemung Financial Corp has a 1 year low of $40.71 and a 1 year high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. The company had revenue of $25.71 million for the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. As a group, research analysts expect that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's payout ratio is 27.00%.

Chemung Financial 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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