Trexquant Investment LP Buys 6,417 Shares of Chemung Financial Corp $CHMG

Key Points

• Trexquant Investment LP increased its shareholding in Chemung Financial Corp (NASDAQ:CHMG) by 73.6% in the first quarter, owning a total of 15,132 shares worth approximately $720,000 according to SEC filings.
• Insider trading activity includes the purchase of 475 shares by insider Jeffrey P. Kenefick, representing a 4.72% increase in his position, and 2,983 shares by EVP Loren D. Cole, marking a 46.99% increase.
• Chemung Financial has declared a quarterly dividend of $0.34 per share, up from the previous $0.32, indicating a 2.6% annualized yield with an expected dividend payout ratio of 54.70%.

Trexquant Investment LP lifted its position in Chemung Financial Corp (NASDAQ:CHMG - Free Report) by 73.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,132 shares of the bank's stock after purchasing an additional 6,417 shares during the quarter. Trexquant Investment LP owned 0.32% of Chemung Financial worth $720,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of Chemung Financial in the 1st quarter valued at about $228,000. BNP Paribas Financial Markets lifted its stake in shares of Chemung Financial by 8.2% in the 4th 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. Millennium Management LLC bought a new stake in shares of Chemung Financial in the 4th quarter valued at about $405,000. Allspring Global Investments Holdings LLC raised its position in Chemung Financial by 91.8% during 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 during the last quarter. Finally, Bank of America Corp DE raised its position in Chemung Financial by 20.4% during the 4th quarter. Bank of America Corp DE now owns 10,236 shares of the bank's stock valued at $500,000 after purchasing an additional 1,736 shares during the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Zacks Research lowered Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Keefe, Bruyette & Woods upped their price target on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $54.50.

Chemung Financial Stock Up 0.8%

Shares of CHMG stock traded up $0.43 during midday trading on Friday, reaching $52.96. 7,824 shares of the stock were exchanged, compared to its average volume of 6,715. Chemung Financial Corp has a 1 year low of $40.71 and a 1 year high of $55.73. The company's 50 day moving average is $52.07 and its two-hundred day moving average is $48.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market cap of $253.67 million, a PE ratio of 22.63 and a beta of 0.38.

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

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 17th. This represents a $1.36 annualized dividend and a yield of 2.6%. This is a positive change from Chemung Financial's previous quarterly dividend of $0.32. Chemung Financial's dividend payout ratio (DPR) is 54.70%.

Insider Buying and Selling at Chemung Financial

In other news, Director Jeffrey B. Streeter purchased 2,612 shares of the stock in a transaction dated Monday, July 28th. The shares were purchased at an average cost of $52.60 per share, with a total value of $137,391.20. Following the acquisition, the director directly owned 29,202 shares of the company's stock, valued at $1,536,025.20. This represents a 9.82% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey P. Kenefick purchased 475 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were purchased at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the completion of the acquisition, the insider directly owned 10,535 shares in the company, valued at approximately $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 18,458 shares of company stock worth $968,415. Insiders own 12.41% of the company's stock.

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.