BNP Paribas Arbitrage SA increased its holdings in shares of Chemung Financial Corp. (NASDAQ:CHMG) by 655.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 703 shares of the bank’s stock after purchasing an additional 610 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Chemung Financial were worth $33,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in CHMG. O Shaughnessy Asset Management LLC grew its position in shares of Chemung Financial by 164.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after purchasing an additional 1,325 shares in the last quarter. Ramsey Quantitative Systems grew its position in shares of Chemung Financial by 29.4% during the fourth quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after purchasing an additional 757 shares in the last quarter. Bank of America Corp DE grew its position in shares of Chemung Financial by 10.8% during the fourth quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after purchasing an additional 457 shares in the last quarter. EJF Capital LLC purchased a new stake in shares of Chemung Financial during the fourth quarter worth about $201,000. Finally, Bessemer Group Inc. grew its position in shares of Chemung Financial by 147.8% during the fourth quarter. Bessemer Group Inc. now owns 5,700 shares of the bank’s stock worth $235,000 after purchasing an additional 3,400 shares in the last quarter. Hedge funds and other institutional investors own 35.23% of the company’s stock.
Several analysts recently issued reports on CHMG shares. Sandler O’Neill cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 22nd. Zacks Investment Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 27th.
NASDAQ CHMG opened at $46.10 on Friday. The company has a market cap of $220.69 million, a price-to-earnings ratio of 12.13 and a beta of 0.21. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.90. Chemung Financial Corp. has a 1-year low of $36.87 and a 1-year high of $53.25.
Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.04). The firm had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $20.32 million. Chemung Financial had a net margin of 22.32% and a return on equity of 10.95%. As a group, research analysts forecast that Chemung Financial Corp. will post 3.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, June 14th. Chemung Financial’s dividend payout ratio is presently 27.37%.
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Chemung Financial Profile
Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.
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