Sullivan Bruyette Speros & Blaney LLC Sells 1,038 Shares of Chemung Financial Corp. (CHMG)
Sullivan Bruyette Speros & Blaney LLC decreased its position in Chemung Financial Corp. (NASDAQ:CHMG) by 16.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,376 shares of the bank’s stock after selling 1,038 shares during the quarter. Sullivan Bruyette Speros & Blaney LLC’s holdings in Chemung Financial were worth $252,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Renaissance Technologies LLC grew its position in shares of Chemung Financial by 14.8% during the third quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock worth $2,994,000 after buying an additional 9,075 shares in the last quarter. Ramsey Quantitative Systems grew its position in shares of Chemung Financial by 29.4% during the fourth quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after buying an additional 757 shares in the last quarter. Basswood Capital Management L.L.C. grew its position in shares of Chemung Financial by 11.4% during the fourth quarter. Basswood Capital Management L.L.C. now owns 267,032 shares of the bank’s stock worth $11,031,000 after buying an additional 27,243 shares in the last quarter. Vanguard Group Inc grew its position in shares of Chemung Financial by 10.4% during the third quarter. Vanguard Group Inc now owns 149,786 shares of the bank’s stock worth $6,356,000 after buying an additional 14,165 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Chemung Financial by 10.4% during the third quarter. Vanguard Group Inc. now owns 149,786 shares of the bank’s stock worth $6,356,000 after buying an additional 14,165 shares in the last quarter. 34.69% of the stock is owned by institutional investors.
In related news, Director Jeffrey B. Streeter bought 594 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of $47.11 per share, for a total transaction of $27,983.34. Following the completion of the purchase, the director now owns 1,000 shares of the company’s stock, valued at approximately $47,110. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 1,138 shares of company stock worth $54,855 over the last quarter. 18.98% of the stock is currently owned by company insiders.
Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.04). The company had revenue of $20.09 million during the quarter, compared to the consensus estimate of $20.32 million. Chemung Financial had a net margin of 22.32% and a return on equity of 10.95%. As a group, analysts predict that Chemung Financial Corp. will post 3.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, June 14th. Chemung Financial’s payout ratio is 27.37%.
Several brokerages recently issued reports on CHMG. Zacks Investment Research upgraded Chemung Financial from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, January 24th. ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Sandler O’Neill cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Monday, April 22nd.
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About Chemung Financial
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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