Chemung Canal Trust Co. Sells 19,417 Shares of Chemung Financial Corp $CHMG

Chemung Canal Trust Co. lessened its stake in Chemung Financial Corp (NASDAQ:CHMG) by 6.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 286,226 shares of the bank’s stock after selling 19,417 shares during the quarter. Chemung Financial comprises about 3.2% of Chemung Canal Trust Co.’s holdings, making the stock its 6th largest holding. Chemung Canal Trust Co. owned approximately 0.06% of Chemung Financial worth $15,971,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Chemung Financial by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 178,338 shares of the bank’s stock valued at $9,366,000 after purchasing an additional 615 shares during the period. Geode Capital Management LLC lifted its position in shares of Chemung Financial by 16.1% during the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of Chemung Financial by 2.3% in the third quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock valued at $4,084,000 after purchasing an additional 1,771 shares during the period. PL Capital Advisors LLC boosted its stake in shares of Chemung Financial by 890.1% in the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock valued at $3,105,000 after purchasing an additional 53,155 shares during the period. Finally, Empowered Funds LLC grew its holdings in Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CHMG. Zacks Research raised shares of Chemung Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, February 6th. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $57.00.

Chemung Financial Trading Down 1.7%

NASDAQ CHMG opened at $53.58 on Friday. The company has a market capitalization of $258.26 million, a price-to-earnings ratio of 17.06 and a beta of 0.49. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02. Chemung Financial Corp has a 12 month low of $40.71 and a 12 month high of $65.50. The company’s fifty day moving average price is $57.14 and its two-hundred day moving average price is $54.60.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.01. The company had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. As a group, research analysts predict that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, March 18th. Chemung Financial’s payout ratio is currently 43.31%.

Insider Activity

In other news, Director Robert H. Dalrymple sold 2,833 shares of Chemung Financial stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the completion of the transaction, the director owned 1,351 shares in the company, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel D. Fariello sold 748 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total value of $45,725.24. Following the completion of the sale, the insider owned 7,110 shares of the company’s stock, valued at $434,634.30. This trade represents a 9.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 3,823 shares of company stock valued at $220,860. 12.41% of the stock is owned by corporate insiders.

Chemung Financial Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.