Chemung Financial Co. (NASDAQ:CHMG) Shares Sold by Fourthstone LLC

Fourthstone LLC trimmed its holdings in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 49.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,652 shares of the bank's stock after selling 154,269 shares during the quarter. Chemung Financial comprises 1.5% of Fourthstone LLC's portfolio, making the stock its 22nd largest holding. Fourthstone LLC owned about 3.33% of Chemung Financial worth $7,744,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CHMG. Russell Investments Group Ltd. raised its position in Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after buying an additional 869 shares during the period. PL Capital Advisors LLC bought a new stake in Chemung Financial during the 4th quarter worth approximately $96,000. Allspring Global Investments Holdings LLC acquired a new position in Chemung Financial during the 4th quarter worth $231,000. Wells Fargo & Company MN boosted its stake in Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after acquiring an additional 416 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Chemung Financial in the fourth quarter valued at approximately $364,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Price Performance

NASDAQ:CHMG traded up $1.17 during trading hours on Tuesday, hitting $43.31. 4,535 shares of the company's stock traded hands, compared to its average volume of 13,498. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The firm has a market cap of $207.39 million, a P/E ratio of 8.73 and a beta of 0.10. The business's fifty day simple moving average is $47.48 and its two-hundred day simple moving average is $48.84. Chemung Financial Co. has a 52 week low of $40.71 and a 52 week high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $25.71 million during the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, research analysts anticipate that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were issued a $0.32 dividend. This is an increase from Chemung Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Tuesday, March 18th. Chemung Financial's payout ratio is presently 27.00%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reduced their price target on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday.

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.