Cubist Systematic Strategies LLC Acquires New Stake in Chemung Financial Corp $CHMG

Cubist Systematic Strategies LLC acquired a new stake in Chemung Financial Corp (NASDAQ:CHMG) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,284 shares of the bank’s stock, valued at approximately $299,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of Chemung Financial in the 1st quarter worth $228,000. BNP Paribas Financial Markets increased its stake in shares of Chemung Financial by 8.2% in the 4th quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank’s stock worth $356,000 after acquiring an additional 552 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Chemung Financial in the 4th quarter worth $405,000. Allspring Global Investments Holdings LLC increased its stake in shares of Chemung Financial by 91.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank’s stock worth $432,000 after acquiring an additional 4,345 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Chemung Financial by 20.4% in the 4th quarter. Bank of America Corp DE now owns 10,236 shares of the bank’s stock worth $500,000 after acquiring an additional 1,736 shares during the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHMG has been the subject of a number of recent research reports. Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 29th. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $55.00 to $59.00 and gave the stock a “market perform” rating in a research report on Monday, July 21st. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.50.

Chemung Financial Stock Up 1.8%

Shares of NASDAQ:CHMG opened at $53.49 on Friday. The business has a 50-day moving average price of $52.07 and a 200 day moving average price of $48.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $256.22 million, a price-to-earnings ratio of 22.86 and a beta of 0.38. Chemung Financial Corp has a 12-month low of $40.71 and a 12-month high of $55.73.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.31. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.The firm had revenue of $10.10 million during the quarter, compared to the consensus estimate of $26.26 million. Sell-side analysts expect that Chemung Financial Corp will post 5.38 EPS for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be issued a dividend of $0.34 per share. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, September 17th. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. Chemung Financial’s dividend payout ratio (DPR) is 54.70%.

Insider Activity at Chemung Financial

In other news, Director Jeffrey B. Streeter bought 5,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was bought at an average cost of $52.94 per share, for a total transaction of $264,700.00. Following the acquisition, the director directly owned 26,590 shares of the company’s stock, valued at $1,407,674.60. The trade was a 23.16% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey P. Kenefick bought 475 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were purchased at an average price of $52.75 per share, with a total value of $25,056.25. Following the completion of the acquisition, the insider directly owned 10,535 shares in the company, valued at $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 18,458 shares of company stock worth $968,415 in the last three months. 12.41% of the stock is owned by company insiders.

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.