Chemung Financial (NASDAQ:CHMG) Price Target Lowered to $50.00 at Piper Sandler

Chemung Financial (NASDAQ:CHMG) had its price target cut by Piper Sandler from $54.00 to $50.00 in a research note published on Tuesday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods decreased their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Tuesday.

Chemung Financial Trading Up 4.3 %

Shares of NASDAQ:CHMG opened at $43.96 on Tuesday. The company has a 50-day simple moving average of $47.34 and a 200 day simple moving average of $48.81. The company has a market capitalization of $210.52 million, a P/E ratio of 8.86 and a beta of 0.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The company had revenue of $25.71 million during the quarter, compared to analysts’ expectations of $25.90 million. Sell-side analysts forecast that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were issued a dividend of $0.32 per share. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 2.91%. The ex-dividend date was Tuesday, March 18th. Chemung Financial’s dividend payout ratio (DPR) is presently 27.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Chemung Financial by 1.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,384 shares of the bank’s stock valued at $604,000 after acquiring an additional 216 shares during the period. Hsbc Holdings PLC raised its stake in Chemung Financial by 4.7% in the 4th quarter. Hsbc Holdings PLC now owns 8,572 shares of the bank’s stock worth $420,000 after purchasing an additional 385 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock valued at $268,000 after purchasing an additional 416 shares during the period. BNP Paribas Financial Markets boosted its holdings in Chemung Financial by 8.2% in the 4th quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank’s stock valued at $356,000 after purchasing an additional 552 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of Chemung Financial by 104.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock worth $83,000 after purchasing an additional 869 shares during the period. 47.50% of the stock is owned by institutional investors and hedge funds.

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.