Chemung Financial (NASDAQ:CHMG) Price Target Raised to $81.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Chemung Financial’s price target to $81 from $77 while maintaining a “market perform” rating, implying just 0.62% upside from the $80.50 share price. The overall analyst consensus is “Buy,” with a consensus target of $81.
• Chemung Financial exceeded quarterly expectations, reporting $1.82 in EPS versus the $1.77 consensus and revenue of $31.17 million compared with estimates of $30.52 million.
• The stock is trading near its 52-week high of $82.86, with a market capitalization of approximately $388 million; institutional investors own 47.5% of outstanding shares.

Chemung Financial (NASDAQ:CHMG - Get Free Report) had its price objective lifted by investment analysts at Keefe, Bruyette & Woods from $77.00 to $81.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 0.62% from the company's current price.

Other equities analysts also recently issued research reports about the company. Weiss Ratings upgraded Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, April 19th. Finally, Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Chemung Financial currently has a consensus rating of "Buy" and a consensus price target of $81.00.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $80.50 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. Chemung Financial has a one year low of $48.61 and a one year high of $82.86. The business's 50-day moving average price is $72.77 and its two-hundred day moving average price is $63.81. The company has a market capitalization of $388.01 million, a P/E ratio of 11.57 and a beta of 0.59.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.05. The company had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%. Analysts anticipate that Chemung Financial will post 6.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted 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 purchasing an additional 426 shares during the period. Russell Investments Group Ltd. raised its position in shares of Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock valued at $48,000 after purchasing an additional 412 shares during the period. BNP Paribas Financial Markets raised its position in shares of Chemung Financial by 108.1% in the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock valued at $57,000 after purchasing an additional 563 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 worth $110,000 after buying an additional 330 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock worth $129,000 after buying an additional 245 shares during the last quarter. 47.50% of the stock is owned by institutional investors.

About Chemung Financial

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.

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