Forum Financial Management LP Trims Stock Position in Chemung Financial Corp (NASDAQ:CHMG)

Forum Financial Management LP reduced its stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 63.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,949 shares of the bank's stock after selling 11,935 shares during the period. Forum Financial Management LP owned about 0.15% of Chemung Financial worth $331,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CHMG. Dimensional Fund Advisors LP boosted its stake in Chemung Financial by 7.9% during the fourth 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 increased its position in shares of Chemung Financial by 3.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock valued at $3,808,000 after purchasing an additional 2,633 shares during the last quarter. Renaissance Technologies LLC increased its stake in Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock worth $2,066,000 after purchasing an additional 3,581 shares during the period. Basswood Capital Management L.L.C. bought a new stake in Chemung Financial during the 4th quarter valued at $1,851,000. Finally, Citadel Advisors LLC boosted its holdings in shares of Chemung Financial by 57.8% during the fourth quarter. Citadel Advisors LLC now owns 20,791 shares of the bank's stock worth $1,015,000 after purchasing an additional 7,617 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CHMG has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday. Piper Sandler dropped their target price on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.

Insiders Place Their Bets

In related news, insider Jeffrey P. Kenefick bought 475 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was bought at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the acquisition, the insider directly owned 10,535 shares in the company, valued at $555,721.25. This represents a 4.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 12.04% of the company's stock.

Chemung Financial Stock Up 1.3%

Shares of CHMG traded up $0.69 during mid-day trading on Wednesday, hitting $53.20. The company's stock had a trading volume of 3,246 shares, compared to its average volume of 13,902. The firm has a market capitalization of $254.83 million, a price-to-earnings ratio of 22.74 and a beta of 0.37. The company's 50-day moving average is $48.81 and its 200-day moving average is $47.85. 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 52-week low of $40.71 and a 52-week high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.31 EPS for the quarter, meeting the consensus estimate of $1.31. The business had revenue of $10.10 million during the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%. On average, equities research analysts forecast that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

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 $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.41%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's payout ratio is 54.70%.

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.