Alliancebernstein L.P. Cuts Stake in Chemung Financial Co. (NASDAQ:CHMG)

Alliancebernstein L.P. cut its holdings in Chemung Financial Co. (NASDAQ:CHMG) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,508 shares of the bank’s stock after selling 3,000 shares during the period. Alliancebernstein L.P.’s holdings in Chemung Financial were worth $1,489,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. PL Capital Advisors LLC purchased a new stake in shares of Chemung Financial during the fourth quarter worth about $96,000. Allspring Global Investments Holdings LLC bought a new position in Chemung Financial in the 4th quarter worth about $231,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Chemung Financial during the fourth quarter valued at approximately $364,000. Raymond James Financial Inc. purchased a new position in shares of Chemung Financial in the fourth quarter worth $412,000. Finally, Barclays PLC increased its holdings in Chemung Financial by 167.9% in 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 in the last quarter. 47.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler began 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 Price Performance

NASDAQ:CHMG opened at $42.51 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial Co. has a 52 week low of $39.00 and a 52 week high of $55.73. The business’s 50-day simple moving average is $47.85 and its two-hundred day simple moving average is $48.87. The stock has a market cap of $203.58 million, a PE ratio of 8.57 and a beta of 0.10.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. As a group, analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.01%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, March 18th. Chemung Financial’s payout ratio is presently 25.81%.

Chemung Financial Company 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.