Commonwealth Equity Services LLC Trims Stake in Chemung Financial Co. (NASDAQ:CHMG)

Commonwealth Equity Services LLC decreased its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 11.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,238 shares of the bank’s stock after selling 940 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Chemung Financial were worth $347,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Chemung Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after acquiring an additional 5,649 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Chemung Financial by 369.5% during the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after purchasing an additional 5,081 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Chemung Financial by 8.7% during the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after buying an additional 2,011 shares in the last quarter. Empowered Funds LLC raised its position in shares of Chemung Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after buying an additional 1,400 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after buying an additional 397 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Insider Transactions at Chemung Financial

In related news, EVP Thomas W. Wirth sold 764 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total value of $33,921.60. Following the completion of the sale, the executive vice president now directly owns 3,926 shares in the company, valued at $174,314.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 12.04% of the company’s stock.

Chemung Financial Stock Down 0.9 %

Shares of NASDAQ CHMG opened at $48.28 on Tuesday. The firm has a market cap of $229.43 million, a P/E ratio of 9.25 and a beta of 0.15. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial Co. has a 1 year low of $38.75 and a 1 year high of $51.36. The firm’s 50 day moving average price is $46.85 and its 200 day moving average price is $44.31.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.07). The business had revenue of $36.98 million for the quarter, compared to analyst estimates of $24.08 million. Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%. As a group, sell-side analysts anticipate that Chemung Financial Co. will post 4.81 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Thursday, September 19th. Chemung Financial’s dividend payout ratio is currently 23.75%.

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.