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

Chemung Canal Trust Co. decreased its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 2.2% during 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 makes up approximately 3.3% of Chemung Canal Trust Co.'s holdings, making the stock its 4th biggest holding. Chemung Canal Trust Co. owned 6.51% of Chemung Financial worth $14,825,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in shares of Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after acquiring an additional 869 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Chemung Financial by 8.2% during the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after purchasing an additional 416 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Chemung Financial by 8.2% during the fourth quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank's stock valued at $356,000 after purchasing an additional 552 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Chemung Financial during the fourth quarter valued at approximately $364,000. Finally, Millennium Management LLC purchased a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $405,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Stock Performance

CHMG stock traded up $0.13 during trading on Wednesday, reaching $51.80. 13,961 shares of the stock were exchanged, compared to its average volume of 13,990. Chemung Financial Corp has a twelve month low of $40.71 and a twelve month high of $55.73. The company has a market capitalization of $248.12 million, a P/E ratio of 10.93 and a beta of 0.37. The stock has a 50 day simple moving average of $47.47 and a 200-day simple moving average of $47.61. 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 (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 business had revenue of $25.71 million for the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a return on equity of 10.47% and a net margin of 14.95%. As a group, sell-side analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's payout ratio is currently 27.00%.

Analysts Set New Price Targets

Several analysts recently issued reports on CHMG shares. Keefe, Bruyette & Woods cut their price objective on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company 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.

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.