Chemung Financial Co. (NASDAQ:CHMG) is Chemung Canal Trust Co.'s 4th Largest Position

Chemung Canal Trust Co. lowered its holdings in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 318,627 shares of the bank's stock after selling 17,505 shares during the period. Chemung Financial makes up about 3.2% of Chemung Canal Trust Co.'s holdings, making the stock its 4th biggest position. Chemung Canal Trust Co. owned about 6.69% of Chemung Financial worth $15,552,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Empowered Funds LLC raised its position in shares of Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank's stock worth $1,020,000 after buying an additional 1,072 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank's stock valued at $1,647,000 after acquiring an additional 1,400 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Chemung Financial by 2.6% in the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock worth $3,690,000 after purchasing an additional 1,968 shares during the last quarter. Martingale Asset Management L P raised its stake in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank's stock valued at $580,000 after purchasing an additional 4,611 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock valued at $6,342,000 after purchasing an additional 5,584 shares during the last quarter. 47.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Transactions at Chemung Financial

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

Chemung Financial Trading Down 0.4 %

NASDAQ CHMG traded down $0.21 during trading on Friday, hitting $46.56. 10,929 shares of the company's stock traded hands, compared to its average volume of 6,353. The stock has a fifty day moving average of $50.01 and a two-hundred day moving average of $48.27. Chemung Financial Co. has a 12-month low of $39.00 and a 12-month high of $55.73. The firm has a market cap of $221.63 million, a P/E ratio of 10.30 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.06. The business 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%. As a group, sell-side analysts expect that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

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

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.