Commonwealth Equity Services LLC Lowers Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Commonwealth Equity Services LLC cut its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 11.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,238 shares of the bank’s stock after selling 940 shares during the period. Commonwealth Equity Services LLC owned approximately 0.15% of Chemung Financial worth $347,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its stake in shares of Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Chemung Financial by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after acquiring an additional 2,011 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Chemung Financial by 369.5% during the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after acquiring an additional 5,081 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares in the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chemung Financial

In other Chemung Financial news, EVP Thomas W. Wirth sold 764 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at $174,314.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.04% of the company’s stock.

Chemung Financial Price Performance

Shares of CHMG opened at $48.28 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average is $46.85 and its two-hundred day moving average is $44.31. Chemung Financial Co. has a twelve month low of $38.75 and a twelve month high of $51.36. The firm has a market capitalization of $229.43 million, a PE ratio of 9.25 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.07). The business had revenue of $36.98 million during the quarter, compared to analysts’ expectations of $24.08 million. Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. Research analysts anticipate that Chemung Financial Co. will post 4.81 earnings per share for the current year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.57%. Chemung Financial’s dividend payout ratio is presently 23.75%.

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.