Chemung Financial Corp $CHMG Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has decreased its stake in Chemung Financial Corp by 39.9%, selling 17,033 shares during the first quarter, resulting in ownership of approximately 0.54% of the company.
• Chemung Financial recently announced a quarterly dividend increase to $0.34 per share, payable on October 1st, offering an annualized yield of 2.6%.
• Analysts have set a consensus target price of $54.50 for Chemung Financial, with ratings ranging from "hold" to "market perform" following recent evaluations.

Goldman Sachs Group Inc. reduced its stake in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 39.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,655 shares of the bank's stock after selling 17,033 shares during the quarter. Goldman Sachs Group Inc. owned about 0.54% of Chemung Financial worth $1,220,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased 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 acquiring an additional 4,345 shares during the last quarter. Millennium Management LLC bought a new position in shares of Chemung Financial during the fourth quarter valued at approximately $405,000. Citadel Advisors LLC grew its stake 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 valued at $1,015,000 after buying an additional 7,617 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Chemung Financial by 73.9% during the first quarter. American Century Companies Inc. now owns 17,323 shares of the bank's stock valued at $824,000 after buying an additional 7,364 shares during the last quarter. Finally, Man Group plc bought a new position in shares of Chemung Financial during the fourth quarter valued at approximately $699,000. 47.50% of the stock is owned by institutional investors.

Chemung Financial Stock Down 0.2%

NASDAQ CHMG traded down $0.09 during midday trading on Monday, hitting $52.97. 5,786 shares of the company traded hands, compared to its average volume of 9,192. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $253.73 million, a PE ratio of 22.64 and a beta of 0.38. The company's 50-day simple moving average is $52.19 and its 200-day simple moving average is $48.70. 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 announced its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.31. The business had revenue of $10.10 million for the quarter, compared to analysts' expectations of $26.26 million. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%. As a group, equities research analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be given a dividend of $0.34 per share. This is a boost from Chemung Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.36 annualized dividend and a yield of 2.6%. Chemung Financial's payout ratio is 58.12%.

Insider Buying and Selling at Chemung Financial

In related news, Director Jeffrey B. Streeter bought 2,612 shares of the company's stock in a transaction on Monday, July 28th. The shares were acquired at an average price of $52.60 per share, with a total value of $137,391.20. Following the transaction, the director owned 29,202 shares of the company's stock, valued at $1,536,025.20. The trade was a 9.82% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey P. Kenefick bought 475 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were bought at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the transaction, the insider directly owned 10,535 shares in the company, valued at approximately $555,721.25. This represents a 4.72% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 18,458 shares of company stock valued at $968,415. 12.04% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CHMG. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research note on Monday, July 21st. Zacks Research cut Chemung Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Chemung Financial has an average rating of "Hold" and a consensus target price of $54.50.

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.