Bank of America Corp DE Has $500,000 Position in Chemung Financial Co. (NASDAQ:CHMG)

Bank of America Corp DE grew its holdings in Chemung Financial Co. (NASDAQ:CHMG) by 20.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,236 shares of the bank’s stock after purchasing an additional 1,736 shares during the quarter. Bank of America Corp DE owned about 0.22% of Chemung Financial worth $500,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of CHMG. Empowered Funds LLC boosted its stake in Chemung Financial by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after purchasing an additional 1,033 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the fourth quarter valued at $231,000. Bank of New York Mellon Corp lifted its stake in shares of Chemung Financial by 117.4% during the fourth quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank’s stock valued at $956,000 after acquiring an additional 10,584 shares during the period. PL Capital Advisors LLC acquired a new position in shares of Chemung Financial during the fourth quarter valued at $4,698,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Chemung Financial during the fourth quarter valued at $412,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several research reports. Keefe, Bruyette & Woods cut their price target on Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 22nd. Piper Sandler cut their price target on Chemung Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd.

Chemung Financial Trading Up 1.2%

NASDAQ CHMG opened at $47.71 on Wednesday. The stock has a 50-day simple moving average of $45.29 and a 200 day simple moving average of $48.23. The company has a market capitalization of $228.53 million, a PE ratio of 9.62 and a beta of 0.37. 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 Co. has a 12 month low of $40.71 and a 12 month high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Friday, April 18th. The bank reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. The business had revenue of $25.71 million during the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Research analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a yield of 2.68%. Chemung Financial’s dividend payout ratio is presently 27.00%.

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.