Chemung Financial Co. (NASDAQ:CHMG) Stock Holdings Reduced by Fourthstone LLC

Fourthstone LLC decreased its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG) by 29.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 312,921 shares of the bank’s stock after selling 133,524 shares during the quarter. Chemung Financial comprises approximately 3.3% of Fourthstone LLC’s portfolio, making the stock its 7th biggest holding. Fourthstone LLC owned approximately 6.57% of Chemung Financial worth $15,026,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bright Futures Wealth Management LLC. bought a new stake in Chemung Financial during the 2nd quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial during the 3rd quarter valued at $324,000. Bank of New York Mellon Corp raised its holdings in Chemung Financial by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after acquiring an additional 397 shares during the period. Empowered Funds LLC raised its holdings in Chemung Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after acquiring an additional 1,072 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after acquiring an additional 2,054 shares during the period. Institutional investors own 47.50% of the company’s stock.

Insider Buying and Selling

In related news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.04% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Chemung Financial Price Performance

Shares of Chemung Financial stock traded down $0.20 during trading on Thursday, hitting $51.83. The stock had a trading volume of 4,520 shares, compared to its average volume of 10,261. The firm has a market cap of $246.71 million, a price-to-earnings ratio of 11.62 and a beta of 0.15. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $52.70. The business’s 50-day moving average is $48.63 and its 200 day moving average is $46.48. 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 released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.06. The firm had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. As a group, sell-side analysts anticipate that Chemung Financial Co. will post 4.94 earnings per share for the current year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a $0.31 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.39%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

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.