Arrowstreet Capital Limited Partnership Makes New Investment in Chemung Financial Co. (NASDAQ:CHMG)

Arrowstreet Capital Limited Partnership acquired a new stake in Chemung Financial Co. (NASDAQ:CHMG - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 7,458 shares of the bank's stock, valued at approximately $364,000. Arrowstreet Capital Limited Partnership owned about 0.16% of Chemung Financial as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. PL Capital Advisors LLC bought a new position in shares of Chemung Financial in the 4th quarter valued at about $96,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Chemung Financial during the 4th quarter worth approximately $231,000. Raymond James Financial Inc. acquired a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $412,000. Barclays PLC grew its stake in shares of Chemung Financial by 167.9% in the third quarter. Barclays PLC now owns 9,236 shares of the bank's stock valued at $444,000 after buying an additional 5,788 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Chemung Financial by 233.1% during the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank's stock worth $467,000 after acquiring an additional 6,802 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Wall Street Analyst Weigh In

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

Chemung Financial Stock Performance

NASDAQ CHMG traded up $0.15 during trading on Friday, reaching $42.51. 6,022 shares of the company's stock were exchanged, compared to its average volume of 13,530. Chemung Financial Co. has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The stock has a market capitalization of $203.58 million, a P/E ratio of 8.57 and a beta of 0.10. The business has a 50 day moving average price of $47.85 and a 200-day moving average price of $48.87. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Sell-side analysts forecast that Chemung Financial Co. will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a boost from Chemung Financial's previous quarterly dividend of $0.31. Chemung Financial's dividend payout ratio (DPR) is currently 25.81%.

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.