Basswood Capital Management L.L.C. lifted its position in Chemung Financial Corp. (NASDAQ:CHMG) by 11.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 267,032 shares of the bank’s stock after acquiring an additional 27,243 shares during the quarter. Basswood Capital Management L.L.C. owned 5.56% of Chemung Financial worth $11,031,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ramsey Quantitative Systems grew its position in shares of Chemung Financial by 29.4% in the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after acquiring an additional 757 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Chemung Financial by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 30,202 shares of the bank’s stock worth $1,247,000 after acquiring an additional 1,021 shares in the last quarter. Northern Trust Corp grew its position in shares of Chemung Financial by 3.5% in the 2nd quarter. Northern Trust Corp now owns 35,496 shares of the bank’s stock worth $1,778,000 after acquiring an additional 1,196 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after acquiring an additional 1,325 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Chemung Financial by 39.6% in the 4th quarter. Acadian Asset Management LLC now owns 5,982 shares of the bank’s stock worth $246,000 after acquiring an additional 1,698 shares in the last quarter. Institutional investors own 35.04% of the company’s stock.
In related news, Director Denise V. Gonick acquired 1,000 shares of Chemung Financial stock in a transaction that occurred on Monday, January 28th. The stock was acquired at an average price of $41.76 per share, for a total transaction of $41,760.00. Following the transaction, the director now directly owns 1,276 shares of the company’s stock, valued at approximately $53,285.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jeffrey B. Streeter acquired 594 shares of Chemung Financial stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average price of $47.11 per share, with a total value of $27,983.34. Following the transaction, the director now directly owns 1,000 shares in the company, valued at $47,110. The disclosure for this purchase can be found here. Insiders own 20.63% of the company’s stock.
Several research analysts have recently commented on the company. Zacks Investment Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 target price for the company in a research report on Wednesday, November 28th. ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research report on Monday, February 4th.
NASDAQ:CHMG opened at $46.66 on Friday. Chemung Financial Corp. has a 12-month low of $36.87 and a 12-month high of $53.99. The company has a market cap of $224.30 million, a P/E ratio of 12.28 and a beta of 0.16. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.03.
Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Wednesday, January 23rd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.06. Chemung Financial had a return on equity of 11.53% and a net margin of 22.40%. The business had revenue of $20.38 million during the quarter, compared to analyst estimates of $20.98 million. Equities analysts expect that Chemung Financial Corp. will post 3.99 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Monday, March 18th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 15th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Chemung Financial’s dividend payout ratio is currently 27.37%.
Chemung Financial Company Profile
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
Read More: SEC Filing
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