Russell Investments Group Ltd. Sells 2,801 Shares of Chemung Financial Corp. (CHMG)

Russell Investments Group Ltd. lessened its stake in Chemung Financial Corp. (NASDAQ:CHMG) by 27.8% during the 2nd quarter, Holdings Channel reports. The firm owned 7,286 shares of the bank’s stock after selling 2,801 shares during the quarter. Russell Investments Group Ltd.’s holdings in Chemung Financial were worth $365,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Chemung Financial by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,840 shares of the bank’s stock valued at $1,015,000 after purchasing an additional 3,321 shares during the last quarter. LSV Asset Management grew its stake in Chemung Financial by 10.9% in the second quarter. LSV Asset Management now owns 15,250 shares of the bank’s stock valued at $764,000 after purchasing an additional 1,500 shares during the last quarter. Acadian Asset Management LLC grew its stake in Chemung Financial by 38.2% in the second quarter. Acadian Asset Management LLC now owns 6,014 shares of the bank’s stock valued at $301,000 after purchasing an additional 1,661 shares during the last quarter. Finally, Hartford Investment Management Co. purchased a new position in Chemung Financial in the second quarter valued at about $219,000. Institutional investors own 33.70% of the company’s stock.

In other news, Director Robert H. Dalrymple sold 2,000 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $42.66, for a total transaction of $85,320.00. Following the sale, the director now owns 235,541 shares in the company, valued at $10,048,179.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Dalrymple sold 1,733 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $42.27, for a total value of $73,253.91. Following the sale, the director now owns 233,300 shares in the company, valued at approximately $9,861,591. The disclosure for this sale can be found here. Insiders sold 5,983 shares of company stock worth $255,404 in the last quarter. 20.63% of the stock is owned by insiders.

Several equities analysts have issued reports on the company. FIG Partners assumed coverage on Chemung Financial in a research note on Friday, September 28th. They issued a “hold” rating and a $47.00 target price on the stock. ValuEngine lowered Chemung Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.

CHMG opened at $42.22 on Monday. Chemung Financial Corp. has a 1 year low of $39.01 and a 1 year high of $56.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $203.83 million, a price-to-earnings ratio of 18.06 and a beta of -0.03.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Wednesday, July 18th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.18). Chemung Financial had a net margin of 10.07% and a return on equity of 7.48%. The company had revenue of $20.34 million during the quarter.

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 17th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 14th. This represents a $1.04 annualized dividend and a yield of 2.46%.

Chemung Financial Profile

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

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