Trexquant Investment LP Acquires Shares of 8,715 Chemung Financial Co. (NASDAQ:CHMG)

Trexquant Investment LP bought a new position in shares of Chemung Financial Co. (NASDAQ:CHMG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,715 shares of the bank’s stock, valued at approximately $425,000.

Other large investors have also modified their holdings of the company. PL Capital Advisors LLC acquired a new position in Chemung Financial during the fourth quarter worth $4,698,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Chemung Financial by 209.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank’s stock worth $1,019,000 after purchasing an additional 14,134 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Chemung Financial by 117.4% in the 4th quarter. Bank of New York Mellon Corp now owns 19,596 shares of the bank’s stock valued at $956,000 after purchasing an additional 10,584 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Chemung Financial by 94.9% in the fourth quarter. JPMorgan Chase & Co. now owns 18,946 shares of the bank’s stock valued at $925,000 after purchasing an additional 9,226 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Chemung Financial in the fourth quarter valued at about $412,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler started coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 target price for the company.

Chemung Financial Stock Down 2.0 %

Chemung Financial stock opened at $40.73 on Friday. The firm has a market capitalization of $195.06 million, a price-to-earnings ratio of 8.21 and a beta of 0.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The stock’s fifty day moving average is $48.53 and its two-hundred day moving average is $49.04.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Analysts predict that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were paid a $0.32 dividend. The ex-dividend date was Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a yield of 3.14%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s dividend payout ratio is presently 25.81%.

Insider Buying and Selling at Chemung Financial

In related news, Director Joseph F. Iv Meade acquired 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were acquired at an average price of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares in the company, valued at approximately $175,594.30. The trade was a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.04% of the stock is owned by insiders.

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.