Citadel Advisors LLC Acquires 7,617 Shares of Chemung Financial Co. (NASDAQ:CHMG)

Citadel Advisors LLC raised its stake in Chemung Financial Co. (NASDAQ:CHMG - Free Report) by 57.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,791 shares of the bank's stock after buying an additional 7,617 shares during the period. Citadel Advisors LLC owned 0.44% of Chemung Financial worth $1,015,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CHMG. Russell Investments Group Ltd. grew its holdings in shares of Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after purchasing an additional 869 shares during the last quarter. PL Capital Advisors LLC acquired a new stake in Chemung Financial during the 4th quarter worth approximately $96,000. Allspring Global Investments Holdings LLC bought a new stake in Chemung Financial during the 4th quarter worth approximately $231,000. Wells Fargo & Company MN increased its position in Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after acquiring an additional 416 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Chemung Financial by 8.2% during the fourth quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank's stock valued at $356,000 after acquiring an additional 552 shares during the last quarter. Institutional investors own 47.50% of the company's stock.

Chemung Financial Trading Up 1.5%

Chemung Financial stock traded up $0.71 during mid-day trading on Friday, hitting $48.00. 12,277 shares of the stock were exchanged, compared to its average volume of 13,755. The stock has a market capitalization of $229.92 million, a price-to-earnings ratio of 9.68 and a beta of 0.36. Chemung Financial Co. has a 12 month low of $40.71 and a 12 month high of $55.73. 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's fifty day simple moving average is $45.34 and its two-hundred day simple moving average is $48.46.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.04. The company had revenue of $25.71 million during the quarter, compared to analysts' expectations of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Analysts forecast that Chemung Financial Co. will post 5.38 EPS for the current year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is presently 27.00%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CHMG. Piper Sandler decreased their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their price target on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd.

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.