Chemung Financial Corp $CHMG is Chemung Canal Trust Co.’s 6th Largest Position

Chemung Canal Trust Co. lowered its holdings in shares of Chemung Financial Corp (NASDAQ:CHMG) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 286,226 shares of the bank’s stock after selling 19,417 shares during the period. Chemung Financial comprises 3.2% of Chemung Canal Trust Co.’s portfolio, making the stock its 6th largest holding. Chemung Canal Trust Co. owned approximately 5.98% of Chemung Financial worth $15,971,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CHMG. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Chemung Financial during the 2nd quarter worth approximately $36,000. Tower Research Capital LLC TRC grew its holdings in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after buying an additional 426 shares during the last quarter. Russell Investments Group Ltd. increased its position in Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares in the last quarter. BNP Paribas Financial Markets increased its position in Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in shares of Chemung Financial in the second quarter worth $67,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling at Chemung Financial

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

Chemung Financial Price Performance

CHMG stock opened at $53.58 on Friday. The company has a market cap of $258.26 million, a PE ratio of 17.06 and a beta of 0.49. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $57.14 and a two-hundred day moving average price of $54.60. Chemung Financial Corp has a 12-month low of $40.71 and a 12-month high of $65.50.

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

Chemung Financial Announces Dividend

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

About Chemung Financial

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.