Millennium Management LLC Acquires Shares of 8,291 Chemung Financial Co. (NASDAQ:CHMG)

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

Several other large investors also recently bought and sold shares of CHMG. Russell Investments Group Ltd. boosted its holdings in shares of Chemung Financial by 104.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after acquiring an additional 869 shares during the last quarter. PL Capital Advisors LLC acquired a new position in Chemung Financial during the fourth quarter valued at $96,000. Allspring Global Investments Holdings LLC purchased a new stake in Chemung Financial in the fourth quarter valued at $231,000. Wells Fargo & Company MN boosted 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 purchasing an additional 416 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in 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 purchasing an additional 552 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

Chemung Financial Trading Down 2.6%

CHMG traded down $1.25 during trading hours on Friday, reaching $47.15. The company's stock had a trading volume of 11,208 shares, compared to its average volume of 13,866. The stock has a market cap of $225.85 million, a PE ratio of 9.51 and a beta of 0.37. Chemung Financial Co. has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. 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 business's 50-day moving average is $45.48 and its 200-day moving average is $48.20.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $25.71 million for the quarter, compared to analyst estimates of $25.90 million. As a group, equities research analysts predict that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company 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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.71%. 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 brokerages have recently commented on CHMG. Piper Sandler dropped their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price target 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.

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.