Chemung Financial Corp (NASDAQ:CHMG) Stock Has Consensus Target Price of $87.75 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Six brokerages give Chemung Financial a consensus “Moderate Buy” rating, with an average 12-month price target of $87.75 versus the stock’s reported price of $83.88.
• Recent results exceeded expectations: The bank reported quarterly EPS of $2.63, beating the $1.96 consensus estimate, while revenue of $31.98 million was roughly in line with forecasts.
• The dividend increased: Chemung Financial raised its quarterly dividend to $0.36 per share, or $1.44 annualized, representing a 1.7% yield and an 18.07% payout ratio.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) has earned an average rating of "Moderate Buy" from the six brokerages that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $87.75.

A number of brokerages have recently commented on CHMG. Zacks Research downgraded Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Hovde Group started coverage on Chemung Financial in a report on Monday, October 12th. They issued a "market perform" rating and a $88.00 target price on the stock. Weiss Ratings lowered Chemung Financial from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday. DA Davidson started coverage on Chemung Financial in a report on Monday, September 28th. They set a "buy" rating and a $95.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their target price on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th.

Chemung Financial Price Performance

Shares of CHMG traded up $0.65 during mid-day trading on Friday, hitting $83.88. The company's stock had a trading volume of 75,190 shares, compared to its average volume of 70,818. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The firm has a 50-day moving average price of $82.23 and a 200 day moving average price of $75.24. Chemung Financial has a fifty-two week low of $50.05 and a fifty-two week high of $86.00. The stock has a market capitalization of $404.30 million, a price-to-earnings ratio of 10.52 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Thursday, October 22nd. The bank reported $2.63 EPS for the quarter, beating the consensus estimate of $1.96 by $0.67. The business had revenue of $31.98 million during the quarter, compared to analyst estimates of $31.87 million. Chemung Financial had a net margin of 23.36% and a return on equity of 14.64%. On average, research analysts predict that Chemung Financial will post 7.54 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th were paid a dividend of $0.36 per share. This is a boost from Chemung Financial's previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Thursday, September 17th. Chemung Financial's payout ratio is currently 18.07%.

Insider Buying and Selling

In other news, EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares of the company's stock, valued at $431,194. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 12.69% of the company's stock.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds have recently made changes to their positions in the company. Legal & General Group Plc purchased a new stake in shares of Chemung Financial in the second quarter valued at $28,000. Deutsche Bank AG purchased a new position in shares of Chemung Financial during the second quarter valued at $301,000. Algert Global LLC purchased a new position in shares of Chemung Financial during the second quarter valued at $494,000. Bank of America Corp DE purchased a new position in shares of Chemung Financial during the second quarter valued at $1,058,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Chemung Financial during the second quarter valued at $1,149,000. Hedge funds and other institutional investors own 47.50% of the company's stock.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York's Southern Tier.

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