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

Renaissance Technologies LLC raised its stake in shares of Chemung Financial Co. (NASDAQ:CHMG) by 9.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,322 shares of the bank’s stock after purchasing an additional 3,581 shares during the quarter. Renaissance Technologies LLC’s holdings in Chemung Financial were worth $2,066,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. PL Capital Advisors LLC acquired a new stake in Chemung Financial in the 4th quarter valued at $4,698,000. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,968 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock worth $1,087,000 after purchasing an additional 1,033 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position 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 in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Chemung Financial by 117.4% during 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 during the last quarter. 47.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on CHMG shares. Keefe, Bruyette & Woods dropped 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. Piper Sandler dropped 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 Down 0.8 %

Shares of NASDAQ:CHMG opened at $43.27 on Friday. 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 firm has a market cap of $207.22 million, a P/E ratio of 8.72 and a beta of 0.10. Chemung Financial Co. has a 12 month low of $40.71 and a 12 month high of $55.73. The company’s 50-day moving average price is $46.85 and its two-hundred day moving average price is $48.74.

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

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were paid 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 dividend 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%.

About Chemung Financial

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.