New York State Common Retirement Fund Has $104,000 Stock Holdings in Chemung Financial Co. (NASDAQ:CHMG)

New York State Common Retirement Fund trimmed its position in shares of Chemung Financial Co. (NASDAQ:CHMG) by 19.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,131 shares of the bank’s stock after selling 500 shares during the quarter. New York State Common Retirement Fund’s holdings in Chemung Financial were worth $104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC lifted its stake in Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after buying an additional 1,072 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Chemung Financial during the third quarter worth $324,000. Martingale Asset Management L P lifted its position in Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares in the last quarter. Barclays PLC lifted its position in Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after acquiring an additional 5,788 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after purchasing an additional 1,968 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CHMG. Piper Sandler assumed coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company 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 report on Wednesday, November 20th.

Insider Transactions at Chemung Financial

In related news, Director Joseph F. Iv Meade bought 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, for a total transaction of $28,019.36. Following the purchase, the director now owns 3,710 shares in the company, valued at $175,594.30. This represents a 18.99 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.04% of the stock is currently owned by corporate insiders.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $49.46 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day moving average price of $49.27 and a 200 day moving average price of $49.10. The stock has a market capitalization of $235.38 million, a PE ratio of 9.97 and a beta of 0.19. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data 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 return on equity of 11.47% and a net margin of 15.70%. Analysts predict 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. Stockholders of record on Tuesday, March 18th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.59%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, March 18th. Chemung Financial’s dividend payout ratio (DPR) is presently 25.81%.

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.