Chemung Financial Co. (NASDAQ:CHMG) is Fourthstone LLC’s 7th Largest Position

Fourthstone LLC trimmed its holdings in shares of Chemung Financial Co. (NASDAQ:CHMG) by 29.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 312,921 shares of the bank’s stock after selling 133,524 shares during the period. Chemung Financial comprises approximately 3.3% of Fourthstone LLC’s portfolio, making the stock its 7th largest position. Fourthstone LLC owned about 0.07% of Chemung Financial worth $15,026,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CHMG. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial during the third quarter worth about $324,000. Vanguard Group Inc. boosted its holdings 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 worth $8,000,000 after purchasing an additional 5,649 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after purchasing an additional 5,584 shares during the period. Bright Futures Wealth Management LLC. purchased a new stake in shares of Chemung Financial during the second quarter worth about $200,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Chemung Financial by 8.2% during the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after purchasing an additional 2,054 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial 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 transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.04% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Chemung Financial Trading Down 0.4 %

CHMG stock traded down $0.20 during trading on Thursday, reaching $51.83. The company had a trading volume of 4,520 shares, compared to its average volume of 10,261. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $52.70. The company has a market cap of $246.71 million, a P/E ratio of 11.62 and a beta of 0.15. The business has a 50 day moving average of $48.63 and a 200 day moving average of $46.48. 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 (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The company had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. As a group, sell-side analysts forecast that Chemung Financial Co. will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s payout ratio is currently 27.43%.

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.