Rhumbline Advisers Has $160,000 Position in Chemung Financial Co. (NASDAQ:CHMG)

Rhumbline Advisers lowered its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 6.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,279 shares of the bank’s stock after selling 208 shares during the period. Rhumbline Advisers owned approximately 0.07% of Chemung Financial worth $160,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the fourth quarter valued at about $231,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial in the third quarter worth about $324,000. Barclays PLC raised its position in Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares in the last quarter. JPMorgan Chase & Co. raised its position in Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares in the last quarter. Finally, Martingale Asset Management L P raised its position in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Price Performance

CHMG opened at $48.50 on Tuesday. Chemung Financial Co. has a one year low of $39.00 and a one year high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The company’s 50 day simple moving average is $49.25 and its 200-day simple moving average is $49.21. The stock has a market capitalization of $230.81 million, a P/E ratio of 9.78 and a beta of 0.13.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating the consensus estimate 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 anticipate that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, March 18th. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 2.64%. Chemung Financial’s dividend payout ratio (DPR) is presently 25.81%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade acquired 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now owns 3,710 shares in the company, valued at $175,594.30. The trade was a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 12.04% of the company’s 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.