Keefe, Bruyette & Woods Trims Chemung Financial (NASDAQ:CHMG) Target Price to $49.00

Chemung Financial (NASDAQ:CHMG) had its price objective decreased by Keefe, Bruyette & Woods from $51.00 to $49.00 in a research note released on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Chemung Financial Trading Up 2.7 %

Chemung Financial stock opened at $44.69 on Monday. Chemung Financial has a one year low of $33.72 and a one year high of $51.36. The company’s fifty day moving average price is $41.96 and its two-hundred day moving average price is $44.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $212.28 million, a price-to-earnings ratio of 8.56 and a beta of 0.20.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.36). Chemung Financial had a return on equity of 12.67% and a net margin of 17.35%. The company had revenue of $23.77 million for the quarter, compared to the consensus estimate of $23.52 million. On average, analysts forecast that Chemung Financial will post 4.93 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 18th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, March 15th. Chemung Financial’s payout ratio is 23.75%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Chemung Financial during the 3rd quarter worth $30,000. Chemung Canal Trust Co. increased its stake in shares of Chemung Financial by 0.3% in the third quarter. Chemung Canal Trust Co. now owns 352,340 shares of the bank’s stock worth $13,956,000 after purchasing an additional 1,139 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of Chemung Financial by 369.5% during the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after purchasing an additional 5,081 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.