Chemung Canal Trust Co. Has $15.55 Million Position in Chemung Financial Co. (NASDAQ:CHMG)

Chemung Canal Trust Co. cut its holdings in Chemung Financial Co. (NASDAQ:CHMG) by 5.2% during the fourth quarter, Holdings Channel reports. The firm owned 318,627 shares of the bank’s stock after selling 17,505 shares during the quarter. Chemung Financial makes up 3.2% of Chemung Canal Trust Co.’s portfolio, making the stock its 4th biggest holding. Chemung Canal Trust Co. owned approximately 0.07% of Chemung Financial worth $15,552,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CHMG. JPMorgan Chase & Co. grew its position in shares of Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock valued at $467,000 after purchasing an additional 6,802 shares in the last quarter. Barclays PLC grew its holdings in Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after buying an additional 5,788 shares in the last quarter. Geode Capital Management LLC grew its holdings in Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares in the last quarter. Martingale Asset Management L P increased its stake in Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after acquiring an additional 4,611 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial during the 3rd quarter worth approximately $324,000. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Trading Down 0.4 %

NASDAQ CHMG opened at $46.56 on Friday. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $55.73. The company’s 50-day moving average price is $50.01 and its 200-day moving average price is $48.27. The stock has a market cap of $221.63 million, a PE ratio of 10.30 and a beta of 0.19. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The firm had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. Equities research analysts forecast that Chemung Financial Co. will post 4.94 earnings per share for the current year.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Thursday, December 19th. Chemung Financial’s payout ratio is 27.43%.

Insider Activity

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph F. Iv Meade acquired 592 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were bought at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the transaction, the director now owns 3,710 shares of the company’s stock, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 12.04% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CHMG shares. Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

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.