State Street Corp Sells 323 Shares of Chemung Financial Co. (NASDAQ:CHMG)

State Street Corp cut its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 0.7% in the third quarter, HoldingsChannel reports. The fund owned 49,255 shares of the bank’s stock after selling 323 shares during the period. State Street Corp’s holdings in Chemung Financial were worth $2,381,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Martingale Asset Management L P lifted its holdings in Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after purchasing an additional 4,611 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Chemung Financial during the 3rd quarter valued at $324,000. Empowered Funds LLC lifted its stake 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 in the last quarter. Renaissance Technologies LLC boosted its holdings in Chemung Financial by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after buying an additional 1,400 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Chemung Financial by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after buying an additional 5,584 shares in the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CHMG shares. StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods increased their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective on the stock.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 12.04% of the company’s stock.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $48.81 on Wednesday. The business’s 50-day moving average is $50.82 and its 200 day moving average is $47.98. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $55.73. The company has a market capitalization of $232.29 million, a P/E ratio of 10.80 and a beta of 0.17. 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 issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (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 for the quarter, compared to analysts’ expectations of $24.00 million. On average, equities research analysts forecast that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be paid a $0.31 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.54%. Chemung Financial’s payout ratio is currently 27.43%.

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.