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

Chemung Canal Trust Co. cut its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 311,642 shares of the bank's stock after selling 6,985 shares during the period. Chemung Financial comprises approximately 3.3% of Chemung Canal Trust Co.'s investment portfolio, making the stock its 4th biggest position. Chemung Canal Trust Co. owned 6.51% of Chemung Financial worth $14,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its stake in Chemung Financial by 91.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank's stock worth $432,000 after purchasing an additional 4,345 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Chemung Financial by 1.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,384 shares of the bank's stock valued at $604,000 after acquiring an additional 216 shares during the last quarter. Man Group plc bought a new position in shares of Chemung Financial in the 4th quarter valued at $699,000. Millennium Management LLC bought a new position in shares of Chemung Financial in the 4th quarter valued at $405,000. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Chemung Financial by 3.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock valued at $3,808,000 after acquiring an additional 2,633 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Trading Down 0.1%

NASDAQ:CHMG traded down $0.06 during trading hours on Friday, hitting $52.38. 8,856 shares of the company were exchanged, compared to its average volume of 13,984. The stock has a market capitalization of $250.90 million, a price-to-earnings ratio of 11.05 and a beta of 0.37. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. Chemung Financial Corp has a one year low of $40.71 and a one year high of $55.73. The company has a fifty day simple moving average of $47.95 and a 200 day simple moving average of $47.66.

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

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were issued a dividend of $0.32 per share. The ex-dividend date was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a yield of 2.44%. Chemung Financial's payout ratio is currently 27.00%.

Analyst Upgrades and Downgrades

CHMG has been the subject of a number of research reports. 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 research note on Tuesday, April 22nd. Keefe, Bruyette & Woods lowered their target price on 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.

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.