Fourthstone LLC Cuts Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Fourthstone LLC cut its stake in Chemung Financial Co. (NASDAQ:CHMG) by 49.3% in the fourth quarter, HoldingsChannel reports. The firm owned 158,652 shares of the bank’s stock after selling 154,269 shares during the quarter. Chemung Financial makes up about 1.5% of Fourthstone LLC’s investment portfolio, making the stock its 22nd biggest position. Fourthstone LLC’s holdings in Chemung Financial were worth $7,744,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CHMG. Russell Investments Group Ltd. raised its position in Chemung Financial by 104.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock valued at $83,000 after purchasing an additional 869 shares in the last quarter. PL Capital Advisors LLC purchased a new stake in shares of Chemung Financial during the fourth quarter worth approximately $96,000. Allspring Global Investments Holdings LLC acquired a new stake in Chemung Financial in the fourth quarter valued at approximately $231,000. Wells Fargo & Company MN lifted its stake in Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock worth $268,000 after acquiring an additional 416 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Chemung Financial during the 4th quarter worth approximately $364,000. 47.50% of the stock is owned by institutional investors and hedge funds.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $42.36 on Thursday. The stock’s 50-day simple moving average is $48.01 and its 200-day simple moving average is $48.91. The firm has a market capitalization of $202.86 million, a PE ratio of 8.54 and a beta of 0.10. 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.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, equities research analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Tuesday, March 18th. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s dividend payout ratio is currently 25.81%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler began coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price objective on the stock.

Chemung Financial Company 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.