Chemung Financial (NASDAQ:CHMG) Price Target Raised to $64.00

Chemung Financial (NASDAQ:CHMG) had its price target raised by Keefe, Bruyette & Woods from $60.00 to $64.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 29th. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Finally, Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $57.00.

Chemung Financial Stock Up 1.2%

Shares of NASDAQ CHMG opened at $60.77 on Wednesday. Chemung Financial has a 12-month low of $40.71 and a 12-month high of $61.58. The firm’s 50-day simple moving average is $55.65 and its 200 day simple moving average is $53.21. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market cap of $291.09 million, a price-to-earnings ratio of 19.35 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $29.48 million. On average, research analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a yield of 2.2%. Chemung Financial’s dividend payout ratio (DPR) is 43.31%.

Institutional Trading of Chemung Financial

A number of hedge funds have recently modified their holdings of the company. PL Capital Advisors LLC increased its stake in Chemung Financial by 890.1% in the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock valued at $3,105,000 after purchasing an additional 53,155 shares in the last quarter. Empower Advisory Group LLC acquired a new stake in Chemung Financial during the 2nd quarter worth $802,000. Fourthstone LLC bought a new position in Chemung Financial during the second quarter worth about $789,000. Geode Capital Management LLC grew its stake in Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after acquiring an additional 12,917 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in shares of Chemung Financial in the second quarter worth about $441,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.