Chemung Financial (NASDAQ:CHMG) Given New $64.00 Price Target at Keefe, Bruyette & Woods

Chemung Financial (NASDAQ:CHMG) had its target price raised by Keefe, Bruyette & Woods from $60.00 to $64.00 in a report released on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Other equities analysts have also issued reports about the stock. Zacks Research lowered shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $57.00.

Chemung Financial Price Performance

Shares of CHMG opened at $58.43 on Wednesday. The stock has a 50 day simple moving average of $55.31 and a 200 day simple moving average of $53.12. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $60.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $279.88 million, a PE ratio of 18.61 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. The firm had revenue of $30.52 million for the quarter, compared to analyst estimates of $29.48 million. Sell-side analysts predict that Chemung Financial will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 19th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, December 19th. Chemung Financial’s dividend payout ratio is currently 49.10%.

Institutional Trading of Chemung Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after purchasing an additional 330 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Chemung Financial by 0.5% in the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock valued at $3,683,000 after buying an additional 350 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after acquiring an additional 426 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Chemung Financial by 3.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,758 shares of the bank’s stock worth $670,000 after acquiring an additional 441 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.