Millennium Management LLC Acquires New Stake in Chemung Financial Co. (NASDAQ:CHMG)

Millennium Management LLC acquired a new position in shares of Chemung Financial Co. (NASDAQ:CHMG - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 8,291 shares of the bank's stock, valued at approximately $405,000. Millennium Management LLC owned 0.17% of Chemung Financial at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CHMG. Russell Investments Group Ltd. increased its position in Chemung Financial by 104.2% during the 4th 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 period. PL Capital Advisors LLC acquired a new position in Chemung Financial during the fourth quarter worth $96,000. Allspring Global Investments Holdings LLC purchased a new position in Chemung Financial in the fourth quarter worth $231,000. Wells Fargo & Company MN lifted its holdings in Chemung Financial by 8.2% in the fourth 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 lifted its holdings in Chemung Financial by 8.2% in 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 period. 47.50% of the stock is owned by institutional investors and hedge funds.

Chemung Financial Price Performance

CHMG traded up $0.57 during trading on Tuesday, reaching $47.71. 4,117 shares of the stock were exchanged, compared to its average volume of 13,829. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $228.53 million, a price-to-earnings ratio of 9.62 and a beta of 0.37. Chemung Financial Co. has a 1 year low of $40.71 and a 1 year high of $55.73. The business's 50 day moving average price is $45.24 and its two-hundred day moving average price is $48.23.

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

Chemung Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is presently 27.00%.

Analysts Set New Price Targets

CHMG has been the subject of a number of research analyst reports. Piper Sandler cut their price target on shares of 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 lowered their target price on shares of 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 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.