6,284 Shares in Chemung Financial Corp $CHMG Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC acquired 6,284 shares of Chemung Financial Corp, valued at approximately $299,000, representing a 0.13% ownership in the company.
• Multiple institutional investors, including Connor Clark & Lunn Investment Management and American Century Companies Inc., have significantly increased their stakes in Chemung Financial by over 46% in the first quarter of this year.
• Chemung Financial recently announced an increase in its quarterly dividend from $0.32 to $0.34, reflecting a 2.5% yield, set to be paid on October 1st to investors of record as of September 17th.

Cubist Systematic Strategies LLC bought a new position in shares of Chemung Financial Corp (NASDAQ:CHMG - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 6,284 shares of the bank's stock, valued at approximately $299,000. Cubist Systematic Strategies LLC owned about 0.13% of Chemung Financial at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CHMG. Nuveen LLC acquired a new position in shares of Chemung Financial in the first quarter valued at approximately $228,000. BNP Paribas Financial Markets boosted its position in shares of Chemung Financial by 8.2% during 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 in the last quarter. Millennium Management LLC acquired a new stake in Chemung Financial in the fourth quarter valued at about $405,000. Allspring Global Investments Holdings LLC boosted 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 valued at $432,000 after purchasing an additional 4,345 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Chemung Financial by 20.4% in the fourth quarter. Bank of America Corp DE now owns 10,236 shares of the bank's stock valued at $500,000 after buying an additional 1,736 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Stock Performance

CHMG traded up $0.06 during trading hours on Wednesday, hitting $52.50. The stock had a trading volume of 16,633 shares, compared to its average volume of 7,810. The company's fifty day simple moving average is $52.16 and its 200 day simple moving average is $48.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. Chemung Financial Corp has a 1 year low of $40.71 and a 1 year high of $55.73. The stock has a market cap of $251.48 million, a PE ratio of 22.44 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.67%. The business had revenue of $10.10 million for the quarter, compared to analysts' expectations of $26.26 million. Equities analysts anticipate that Chemung Financial Corp will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This is an increase from Chemung Financial's previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. Chemung Financial's payout ratio is currently 54.70%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole bought 2,983 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $50.10 per share, for a total transaction of $149,448.30. Following the purchase, the executive vice president directly owned 9,331 shares of the company's stock, valued at $467,483.10. The trade was a 46.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey P. Kenefick purchased 475 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was bought at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the acquisition, the insider directly owned 10,535 shares in the company, valued at approximately $555,721.25. The trade was a 4.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 18,458 shares of company stock worth $968,415 in the last ninety days. 12.41% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on CHMG shares. Zacks Research lowered Chemung Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. Keefe, Bruyette & Woods upped their target price 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, According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $54.50.

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.