Chemung Financial (NASDAQ:CHMG) Price Target Cut to $55.00 by Analysts at Keefe, Bruyette & Woods

Chemung Financial (NASDAQ:CHMG) had its price target reduced by Keefe, Bruyette & Woods from $60.00 to $55.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Chemung Financial Price Performance

CHMG opened at $43.96 on Tuesday. Chemung Financial has a 1 year low of $40.71 and a 1 year high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $210.52 million, a price-to-earnings ratio of 8.86 and a beta of 0.10. The firm’s fifty day moving average price is $47.34 and its two-hundred day moving average price is $48.81.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, April 18th. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.22 by $0.04. The firm had revenue of $25.71 million during the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The business 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 of this dividend was Tuesday, March 18th. This represents a $1.28 annualized dividend and a yield of 2.91%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s dividend payout ratio is presently 27.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in Chemung Financial by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank’s stock valued at $7,633,000 after purchasing an additional 11,410 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of Chemung Financial during the 4th quarter worth $4,698,000. Bridgeway Capital Management LLC increased its holdings in Chemung Financial by 3.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank’s stock worth $3,808,000 after acquiring an additional 2,633 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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. Finally, Renaissance Technologies LLC boosted its position in Chemung Financial by 9.2% during the fourth quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank’s stock worth $2,066,000 after purchasing an additional 3,581 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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.