Fourthstone LLC Decreases Stake in Chemung Financial Co. (NASDAQ:CHMG)

Fourthstone LLC cut its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 49.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 investment portfolio, making the stock its 22nd biggest position. Fourthstone LLC owned about 3.33% of Chemung Financial worth $7,744,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CHMG. PL Capital Advisors LLC acquired a new position in shares of Chemung Financial during the 4th quarter worth approximately $4,698,000. Geode Capital Management LLC boosted its stake in Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock worth $3,690,000 after buying an additional 1,968 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock valued at $2,066,000 after buying an additional 3,581 shares in the last quarter. Empowered Funds LLC grew its holdings in Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank's stock valued at $1,087,000 after buying an additional 1,033 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Chemung Financial by 209.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank's stock worth $1,019,000 after acquiring an additional 14,134 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company's stock.

Chemung Financial Trading Down 0.1 %

Shares of Chemung Financial stock opened at $42.36 on Thursday. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $202.86 million, a price-to-earnings ratio of 8.54 and a beta of 0.10. The stock has a 50 day moving average of $48.01 and a 200 day moving average of $48.91.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. As a group, research analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.02%. This is an increase from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, March 18th. Chemung Financial's payout ratio is 25.81%.

Analyst Ratings Changes

Separately, Piper Sandler assumed coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a "neutral" rating and a $57.00 price objective for the company.

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.

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