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

Forum Financial Management LP cut its stake in Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 63.2% in the first quarter, according to the company in its most recent disclosure with the Securities and 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 quarter.

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

Chemung Financial Price Performance

Shares of NASDAQ:CHMG traded down $0.88 during trading on Friday, hitting $52.38. 20,288 shares of the stock were exchanged, compared to its average volume of 13,911. The company has a fifty day moving average price of $48.63 and a two-hundred day moving average price of $47.78. The company has a market cap of $250.90 million, a PE ratio of 22.38 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 12-month low of $40.71 and a 12-month high of $55.73.

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

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.44%. Chemung Financial's dividend payout ratio (DPR) is 54.70%.

Analyst Upgrades and Downgrades

CHMG has been the topic of several recent research reports. Piper Sandler dropped their price target on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price target on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report 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.