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

Rhumbline Advisers cut its position in Chemung Financial Co. (NASDAQ:CHMG) by 6.0% during the 4th quarter, HoldingsChannel reports. The firm owned 3,279 shares of the bank’s stock after selling 208 shares during the quarter. Rhumbline Advisers’ holdings in Chemung Financial were worth $160,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CHMG. Geode Capital Management LLC increased 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 valued at $3,690,000 after buying an additional 1,968 shares during the last quarter. Empowered Funds LLC grew its position in shares of Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock valued at $1,087,000 after acquiring an additional 1,033 shares during the period. Martingale Asset Management L P boosted its holdings in shares of Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after buying an additional 4,611 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after buying an additional 6,802 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares during the period. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Trading Down 3.0 %

CHMG opened at $48.50 on Tuesday. The company’s 50 day moving average price is $49.25 and its two-hundred day moving average price is $49.21. 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 fifty-two week low of $39.00 and a fifty-two week high of $55.73. The firm has a market capitalization of $230.81 million, a price-to-earnings ratio of 9.78 and a beta of 0.13.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current 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 issued a dividend of $0.32 per share. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, March 18th. This represents a $1.28 annualized dividend and a yield of 2.64%. Chemung Financial’s dividend payout ratio is presently 25.81%.

Insiders Place Their Bets

In related news, Director Joseph F. Iv Meade acquired 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the acquisition, the director now owns 3,710 shares of the company’s stock, valued at approximately $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 link. Corporate insiders own 12.04% of the company’s stock.

Analysts Set New Price Targets

CHMG has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted 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. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price for the company.

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.