Trexquant Investment LP Makes New Investment in Chemung Financial Co. (NASDAQ:CHMG)

Trexquant Investment LP purchased a new stake in Chemung Financial Co. (NASDAQ:CHMG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,715 shares of the bank's stock, valued at approximately $425,000. Trexquant Investment LP owned about 0.18% of Chemung Financial at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CHMG. Geode Capital Management LLC boosted its position in Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock valued at $3,690,000 after purchasing an additional 1,968 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank's stock valued at $467,000 after purchasing an additional 6,802 shares during the period. Barclays PLC grew its stake in Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank's stock valued at $444,000 after buying an additional 5,788 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Chemung Financial during the 4th quarter worth $412,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Chemung Financial by 209.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,879 shares of the bank's stock valued at $1,019,000 after purchasing an additional 14,134 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Price Performance

Shares of CHMG stock traded up $0.15 during trading hours on Friday, hitting $42.51. The company had a trading volume of 6,022 shares, compared to its average volume of 13,530. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $203.58 million, a price-to-earnings ratio of 8.57 and a beta of 0.10. Chemung Financial Co. has a 12 month low of $39.00 and a 12 month high of $55.73. The firm's fifty day moving average is $47.85 and its 200 day moving average is $48.87.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, sell-side analysts predict that Chemung Financial Co. will post 5.38 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, March 18th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 3.01%. Chemung Financial's dividend payout ratio is 25.81%.

Analysts Set New Price Targets

Separately, Piper Sandler began coverage on Chemung Financial in a research report on Friday, December 20th. They issued a "neutral" rating and a $57.00 target price for the company.

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.