Renaissance Technologies LLC Has $2.07 Million Stake in Chemung Financial Co. (NASDAQ:CHMG)

Renaissance Technologies LLC increased its stake in Chemung Financial Co. (NASDAQ:CHMG) by 9.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 42,322 shares of the bank’s stock after purchasing an additional 3,581 shares during the quarter. Renaissance Technologies LLC owned approximately 0.89% of Chemung Financial worth $2,066,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Barclays PLC raised its position in shares of Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 shares during the period. Geode Capital Management LLC grew its stake in Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after acquiring an additional 6,802 shares during the last quarter. Empowered Funds LLC boosted its holdings in Chemung Financial by 4.9% during the fourth quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock valued at $1,087,000 after acquiring an additional 1,033 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Chemung Financial during the fourth quarter valued at about $231,000. Institutional investors own 47.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CHMG. Keefe, Bruyette & Woods cut their price objective on Chemung Financial from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Tuesday, April 22nd. Piper Sandler cut their price target on Chemung Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd.

Chemung Financial Stock Performance

NASDAQ CHMG opened at $43.27 on Friday. The company’s fifty day moving average is $46.85 and its two-hundred day moving average is $48.74. Chemung Financial Co. has a 52-week low of $40.71 and a 52-week high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $207.22 million, a price-to-earnings ratio of 8.72 and a beta of 0.10.

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

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were given a $0.32 dividend. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend was Tuesday, March 18th. Chemung Financial’s dividend payout ratio (DPR) is 27.00%.

Chemung Financial 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.