Dimensional Fund Advisors LP Has $7.63 Million Stock Position in Chemung Financial Co. (NASDAQ:CHMG)

Dimensional Fund Advisors LP grew its position in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 7.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 156,389 shares of the bank's stock after acquiring an additional 11,410 shares during the quarter. Dimensional Fund Advisors LP owned about 3.29% of Chemung Financial worth $7,633,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position in shares of Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares during the period. PL Capital Advisors LLC bought a new stake in shares of Chemung Financial in the 4th quarter worth approximately $96,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Chemung Financial in the 4th quarter worth approximately $231,000. Wells Fargo & Company MN lifted its holdings in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after purchasing an additional 416 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Chemung Financial in the 4th quarter worth approximately $364,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CHMG has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their price target on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler lowered their target price on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd.

Chemung Financial Price Performance

Shares of CHMG stock traded down $0.17 during mid-day trading on Friday, hitting $48.47. 1,807 shares of the stock traded hands, compared to its average volume of 13,505. Chemung Financial Co. has a twelve month low of $40.71 and a twelve month high of $55.73. The firm has a market cap of $232.16 million, a price-to-earnings ratio of 9.68 and a beta of 0.36. The company's 50-day simple moving average is $45.53 and its 200-day simple moving average is $48.58. 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 (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The business had revenue of $25.71 million for the quarter, compared to analysts' expectations of $25.90 million. As a group, equities research analysts expect that Chemung Financial Co. will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were given a dividend of $0.32 per share. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.28 dividend on an annualized basis and a yield of 2.64%. Chemung Financial's dividend payout ratio (DPR) is presently 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.