LSV Asset Management Reduces Stock Position in Chemung Financial Co. (NASDAQ:CHMG)

LSV Asset Management trimmed its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 19.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 13,400 shares of the bank’s stock after selling 3,300 shares during the quarter. LSV Asset Management’s holdings in Chemung Financial were worth $654,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Chemung Financial in the fourth quarter worth about $412,000. Martingale Asset Management L P increased its holdings in Chemung Financial by 15.3% during the 4th quarter. Martingale Asset Management L P now owns 13,929 shares of the bank’s stock worth $680,000 after acquiring an additional 1,851 shares during the period. Renaissance Technologies LLC lifted its stake in Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank’s stock worth $2,066,000 after purchasing an additional 3,581 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings 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 during the period. Finally, Wells Fargo & Company MN grew its position in shares of Chemung Financial by 8.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock valued at $268,000 after purchasing an additional 416 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

Chemung Financial Trading Up 1.4 %

Shares of CHMG opened at $41.29 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial Co. has a 1-year low of $39.00 and a 1-year high of $55.73. The company has a market capitalization of $197.74 million, a P/E ratio of 8.32 and a beta of 0.10. The firm’s 50 day simple moving average is $48.35 and its 200 day simple moving average is $49.00.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) 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%. Sell-side analysts forecast that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, March 18th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 3.10%. Chemung Financial’s dividend payout ratio is 25.81%.

Analysts Set New Price Targets

Separately, Piper Sandler assumed coverage on Chemung Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective for the company.

Insider Activity at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade acquired 592 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $47.33 per share, with a total value of $28,019.36. Following the purchase, the director now owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.04% of the stock is currently owned by insiders.

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.