Millennium Management LLC Purchases New Stake in Chemung Financial Co. (NASDAQ:CHMG)

Millennium Management LLC purchased a new position in Chemung Financial Co. (NASDAQ:CHMG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,291 shares of the bank’s stock, valued at approximately $405,000. Millennium Management LLC owned about 0.17% of Chemung Financial as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Chemung Financial by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank’s stock worth $7,633,000 after purchasing an additional 11,410 shares during the period. PL Capital Advisors LLC purchased a new stake in shares of Chemung Financial during the fourth quarter worth about $4,698,000. Bridgeway Capital Management LLC boosted its holdings in shares of Chemung Financial by 3.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank’s stock worth $3,808,000 after purchasing an additional 2,633 shares during the period. Renaissance Technologies LLC raised its holdings in Chemung Financial by 9.2% in the 4th quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank’s stock worth $2,066,000 after purchasing an additional 3,581 shares in the last quarter. Finally, Basswood Capital Management L.L.C. bought a new position in Chemung Financial in the 4th quarter worth $1,851,000. 47.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on CHMG. Piper Sandler decreased their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods decreased their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $47.14 on Tuesday. The firm’s 50-day moving average price is $45.24 and its 200-day moving average price is $48.23. Chemung Financial Co. has a 52-week low of $40.71 and a 52-week high of $55.73. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The company has a market cap of $225.80 million, a PE ratio of 9.50 and a beta of 0.37.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.04. The firm had revenue of $25.71 million for the quarter, compared to analysts’ expectations of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, analysts anticipate that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Tuesday, June 17th. Chemung Financial’s payout ratio is currently 27.00%.

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.