Chemung Canal Trust Co. Lowers Position in Chemung Financial Corp (NASDAQ:CHMG)

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

Several other hedge funds have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in shares of Chemung Financial by 91.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank's stock worth $432,000 after acquiring an additional 4,345 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew 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 buying an additional 216 shares during the period. Man Group plc acquired a new stake in shares of Chemung Financial in the 4th quarter valued at about $699,000. Millennium Management LLC acquired a new stake in shares of Chemung Financial in the 4th quarter valued at about $405,000. Finally, Bridgeway Capital Management LLC grew 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 buying an additional 2,633 shares during the period. 47.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CHMG has been the subject of several research reports. Piper Sandler reduced their target price 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 reduced their target price on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd.

Chemung Financial Stock Down 0.1%

CHMG stock traded down $0.06 during mid-day trading on Friday, reaching $52.38. 8,856 shares of the company traded hands, compared to its average volume of 14,029. The stock has a market cap of $250.90 million, a price-to-earnings ratio of 11.05 and a beta of 0.37. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. Chemung Financial Corp has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The firm's 50 day moving average price is $47.79 and its 200 day moving average price is $47.66.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.04. The business had revenue of $25.71 million during 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, equities research analysts predict that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

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