Royce & Associates LP Reduces Holdings in Chemung Financial Co. (NASDAQ:CHMG)

Posted by on Aug 6th, 2023

Royce & Associates LP cut its position in shares of Chemung Financial Co. (NASDAQ:CHMG – Free Report) by 13.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,000 shares of the bank’s stock after selling 4,905 shares during the quarter. Royce & Associates LP owned approximately 0.66% of Chemung Financial worth $1,287,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC grew its holdings in Chemung Financial by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 34,002 shares of the bank’s stock valued at $1,559,000 after purchasing an additional 211 shares during the period. Morgan Stanley raised its holdings in Chemung Financial by 8.9% in the fourth quarter. Morgan Stanley now owns 32,222 shares of the bank’s stock valued at $1,478,000 after acquiring an additional 2,636 shares in the last quarter. LSV Asset Management raised its holdings in Chemung Financial by 3.3% in the first quarter. LSV Asset Management now owns 27,953 shares of the bank’s stock valued at $1,305,000 after acquiring an additional 903 shares in the last quarter. State Street Corp raised its holdings in Chemung Financial by 9.7% in the first quarter. State Street Corp now owns 19,441 shares of the bank’s stock valued at $913,000 after acquiring an additional 1,713 shares in the last quarter. Finally, Susquehanna International Group LLP increased its stake in Chemung Financial by 271.4% during the fourth quarter. Susquehanna International Group LLP now owns 17,881 shares of the bank’s stock valued at $820,000 after purchasing an additional 13,067 shares during the last quarter. 35.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Chemung Financial in a research report on Thursday, May 18th. They set a “hold” rating for the company.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, insider Jeffrey P. Kenefick purchased 817 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was bought at an average cost of $34.76 per share, with a total value of $28,398.92. Following the acquisition, the insider now owns 1,767 shares of the company’s stock, valued at $61,420.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jeffrey P. Kenefick acquired 817 shares of Chemung Financial stock in a transaction on Wednesday, May 24th. The stock was bought at an average cost of $34.76 per share, with a total value of $28,398.92. Following the completion of the purchase, the insider now owns 1,767 shares of the company’s stock, valued at $61,420.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas W. Wirth sold 907 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $40.86, for a total transaction of $37,060.02. Following the sale, the executive vice president now directly owns 3,739 shares of the company’s stock, valued at $152,775.54. The disclosure for this sale can be found here. 11.68% of the stock is owned by corporate insiders.

Chemung Financial Stock Performance

CHMG stock opened at $42.92 on Friday. The company has a market capitalization of $202.15 million, a P/E ratio of 7.37 and a beta of 0.16. The company has a 50-day simple moving average of $39.19 and a 200 day simple moving average of $42.25. Chemung Financial Co. has a fifty-two week low of $33.72 and a fifty-two week high of $53.43. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.53.

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Tuesday, June 20th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Friday, June 16th. Chemung Financial’s payout ratio is 21.31%.

Chemung Financial Profile

(Free Report)

Chemung Financial Corporation operates as the 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.

Read More

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

Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.