BNP Paribas Financial Markets Trims Position in Chemung Financial Co. (NASDAQ:CHMG)

BNP Paribas Financial Markets lowered its position in Chemung Financial Co. (NASDAQ:CHMG) by 31.3% in the third quarter, HoldingsChannel reports. The firm owned 6,733 shares of the bank’s stock after selling 3,067 shares during the period. BNP Paribas Financial Markets’ holdings in Chemung Financial were worth $323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CHMG. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial in the 3rd quarter valued at about $324,000. Empowered Funds LLC raised its position in shares of 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 buying an additional 1,072 shares during the period. Renaissance Technologies LLC raised its position in shares of Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,400 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. purchased a new position in Chemung Financial in the second quarter worth approximately $200,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $54.16 on Monday. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day moving average price of $50.15 and a 200 day moving average price of $47.41. The stock has a market capitalization of $257.80 million, a P/E ratio of 11.98 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The business had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. Equities research analysts forecast that Chemung Financial Co. will post 4.94 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Thursday, December 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insiders Place Their Bets

In other news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred 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 owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

About Chemung Financial

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.