Chemung Financial (NASDAQ:CHMG) Earns Neutral Rating from Analysts at Piper Sandler

Piper Sandler started coverage on shares of Chemung Financial (NASDAQ:CHMG) in a research note published on Friday, MarketBeat.com reports. The firm issued a neutral rating and a $57.00 target price on the bank’s stock.

CHMG has been the subject of several other research reports. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Chemung Financial Stock Performance

NASDAQ CHMG opened at $50.05 on Friday. The stock has a market capitalization of $238.19 million, a price-to-earnings ratio of 11.07 and a beta of 0.17. The business’s 50 day moving average is $50.62 and its two-hundred day moving average is $47.67. Chemung Financial has a 12-month low of $39.00 and a 12-month high of $55.73. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The firm had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. Research analysts expect that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Thursday, December 19th. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insider Transactions at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. The trade was a 17.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently bought and sold shares of CHMG. Bright Futures Wealth Management LLC. purchased a new stake in shares of Chemung Financial in the second quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial in the 3rd quarter valued at about $324,000. Barclays PLC raised 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 purchasing an additional 5,788 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

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.