Alliancebernstein L.P. Has $1.49 Million Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Alliancebernstein L.P. reduced its stake in Chemung Financial Co. (NASDAQ:CHMG) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,508 shares of the bank’s stock after selling 3,000 shares during the quarter. Alliancebernstein L.P. owned about 0.64% of Chemung Financial worth $1,489,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CHMG. Empowered Funds LLC raised its position in shares of Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after acquiring an additional 1,033 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $3,690,000 after purchasing an additional 1,968 shares in the last quarter. PL Capital Advisors LLC purchased a new position in Chemung Financial during the fourth quarter worth about $96,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Chemung Financial in the 4th quarter worth approximately $231,000. Finally, Barclays PLC lifted its holdings in Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after acquiring an additional 5,788 shares during the period. 47.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Chemung Financial Stock Up 0.4 %

Chemung Financial stock opened at $42.51 on Friday. The firm has a market capitalization of $203.58 million, a price-to-earnings ratio of 8.57 and a beta of 0.10. The firm has a 50 day simple moving average of $47.85 and a 200 day simple moving average of $48.87. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73. 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, January 28th. The bank reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. On average, 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 announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 3.01%. Chemung Financial’s payout ratio is presently 25.81%.

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.