Chemung Financial Corp. (NASDAQ:CHMG) Shares Sold by Bowling Portfolio Management LLC

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Bowling Portfolio Management LLC cut its position in Chemung Financial Corp. (NASDAQ:CHMG) by 28.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,730 shares of the bank’s stock after selling 7,901 shares during the period. Bowling Portfolio Management LLC’s holdings in Chemung Financial were worth $839,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in shares of Chemung Financial by 77.1% in the second quarter. Russell Investments Group Ltd. now owns 1,815 shares of the bank’s stock valued at $88,000 after purchasing an additional 790 shares during the period. Marshall Wace LLP acquired a new position in shares of Chemung Financial in the first quarter valued at about $185,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Chemung Financial in the second quarter valued at about $225,000. Rhumbline Advisers increased its holdings in shares of Chemung Financial by 9.0% in the third quarter. Rhumbline Advisers now owns 5,453 shares of the bank’s stock valued at $229,000 after purchasing an additional 449 shares during the period. Finally, California Public Employees Retirement System increased its holdings in shares of Chemung Financial by 7.7% in the third quarter. California Public Employees Retirement System now owns 6,155 shares of the bank’s stock valued at $259,000 after purchasing an additional 441 shares during the period. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Shares of CHMG opened at $41.40 on Friday. Chemung Financial Corp. has a 52 week low of $38.56 and a 52 week high of $51.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $201.38 million, a price-to-earnings ratio of 12.11 and a beta of 0.28. The stock’s 50-day moving average price is $43.38 and its 200-day moving average price is $43.59.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Friday, October 18th. The bank reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.12). Chemung Financial had a return on equity of 9.57% and a net margin of 19.72%. The company had revenue of $20.10 million during the quarter, compared to analysts’ expectations of $20.50 million. As a group, equities analysts anticipate that Chemung Financial Corp. will post 3.34 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 23rd were paid a $0.26 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Chemung Financial’s payout ratio is 27.37%.

A number of analysts have recently commented on CHMG shares. Keefe, Bruyette & Woods started coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “market perform” rating and a $49.00 target price on the stock. ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Zacks Investment Research upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Chemung Financial currently has an average rating of “Hold” and a consensus target price of $46.00.

Chemung Financial Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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Institutional Ownership by Quarter for Chemung Financial (NASDAQ:CHMG)

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