Martingale Asset Management L P increased its position in shares of Chemung Financial Corp. (NASDAQ:CHMG) by 102.8% during the fourth quarter, Holdings Channel reports. The fund owned 14,805 shares of the bank’s stock after buying an additional 7,504 shares during the quarter. Martingale Asset Management L P’s holdings in Chemung Financial were worth $612,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in Chemung Financial by 18.0% during the 4th quarter. Bank of New York Mellon Corp now owns 21,793 shares of the bank’s stock worth $900,000 after acquiring an additional 3,318 shares during the last quarter. BlackRock Inc. grew its position in Chemung Financial by 2.6% during the 4th quarter. BlackRock Inc. now owns 171,076 shares of the bank’s stock worth $7,067,000 after acquiring an additional 4,259 shares during the last quarter. Acadian Asset Management LLC grew its position in Chemung Financial by 39.6% during the 4th quarter. Acadian Asset Management LLC now owns 5,982 shares of the bank’s stock worth $246,000 after acquiring an additional 1,698 shares during the last quarter. Sullivan Bruyette Speros & Blaney LLC bought a new stake in Chemung Financial during the 4th quarter worth $265,000. Finally, Ramsey Quantitative Systems grew its position in Chemung Financial by 29.4% during the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after acquiring an additional 757 shares during the last quarter. Institutional investors and hedge funds own 35.04% of the company’s stock.
CHMG has been the topic of several recent research reports. Zacks Investment Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, December 24th. ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, February 4th.
Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Wednesday, January 23rd. The bank reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.06. The firm had revenue of $20.38 million for the quarter, compared to the consensus estimate of $20.98 million. Chemung Financial had a return on equity of 11.53% and a net margin of 22.40%. On average, equities research analysts forecast that Chemung Financial Corp. will post 3.99 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 18th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 15th. Chemung Financial’s dividend payout ratio is 27.37%.
In other news, Director Jeffrey B. Streeter purchased 594 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of $47.11 per share, with a total value of $27,983.34. Following the purchase, the director now owns 1,000 shares in the company, valued at $47,110. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Denise V. Gonick purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, January 28th. The shares were purchased at an average cost of $41.76 per share, for a total transaction of $41,760.00. Following the completion of the purchase, the director now owns 1,276 shares in the company, valued at approximately $53,285.76. The disclosure for this purchase can be found here. 20.63% of the stock is owned by insiders.
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About Chemung Financial
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. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
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