Chemung Canal Trust Co. increased its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 387,846 shares of the bank’s stock after buying an additional 1,112 shares during the quarter. Chemung Financial comprises 2.8% of Chemung Canal Trust Co.’s holdings, making the stock its 6th largest position. Chemung Canal Trust Co. owned 0.08% of Chemung Financial worth $13,167,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in shares of Chemung Financial by 34.2% in the 2nd quarter. Bank of America Corp DE now owns 2,754 shares of the bank’s stock valued at $75,000 after purchasing an additional 702 shares in the last quarter. Marshall Wace LLP bought a new stake in Chemung Financial during the first quarter valued at about $185,000. Private Advisor Group LLC raised its holdings in Chemung Financial by 8.4% during the second quarter. Private Advisor Group LLC now owns 6,582 shares of the bank’s stock valued at $180,000 after acquiring an additional 508 shares during the period. Nuveen Asset Management LLC raised its holdings in Chemung Financial by 41.1% during the second quarter. Nuveen Asset Management LLC now owns 9,725 shares of the bank’s stock valued at $265,000 after acquiring an additional 2,831 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in Chemung Financial during the third quarter valued at about $322,000. Hedge funds and other institutional investors own 35.63% of the company’s stock.

NASDAQ CHMG traded down $0.32 during trading hours on Wednesday, hitting $35.13. 10,001 shares of the company were exchanged, compared to its average volume of 9,813. The stock has a 50-day moving average price of $34.04 and a 200 day moving average price of $31.37. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. Chemung Financial Co. has a 52 week low of $21.75 and a 52 week high of $42.37. The stock has a market cap of $163.60 million, a PE ratio of 9.40 and a beta of 0.06.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Monday, October 19th. The bank reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.52. Chemung Financial had a return on equity of 9.54% and a net margin of 21.06%. The company had revenue of $21.21 million for the quarter, compared to analysts’ expectations of $20.20 million. As a group, sell-side analysts anticipate that Chemung Financial Co. will post 3.97 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 4th. Shareholders of record on Monday, December 21st were paid a dividend of $0.26 per share. The ex-dividend date was Friday, December 18th. This represents a $1.04 annualized dividend and a yield of 2.96%. Chemung Financial’s payout ratio is currently 32.50%.

A number of equities research analysts have commented on CHMG shares. ValuEngine raised Chemung Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 1st. TheStreet raised Chemung Financial from a “c+” rating to a “b” rating in a report on Friday, October 23rd. Zacks Investment Research raised Chemung Financial from a “strong sell” rating to a “hold” rating in a report on Tuesday. Finally, DA Davidson cut Chemung Financial from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $32.00 to $37.00 in a report on Thursday, October 22nd.

Chemung Financial Company Profile

Chemung Financial Corporation operates as the 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.

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Institutional Ownership by Quarter for Chemung Financial (NASDAQ:CHMG)

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