Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Chemung Financial (NASDAQ:CHMG) Stock

Chemung Financial (NASDAQ:CHMG - Free Report) had its price objective hoisted by Keefe, Bruyette & Woods from $55.00 to $59.00 in a report issued on Monday morning,Benzinga reports. They currently have a market perform rating on the bank's stock.

Separately, Piper Sandler reduced their target price on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd.

Chemung Financial Trading Down 0.4%

NASDAQ CHMG traded down $0.21 during trading on Monday, hitting $52.51. The stock had a trading volume of 13,727 shares, compared to its average volume of 13,953. The firm has a 50 day moving average price of $48.63 and a 200 day moving average price of $47.78. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $251.52 million, a PE ratio of 22.44 and a beta of 0.37. Chemung Financial has a twelve month low of $40.71 and a twelve month high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.31. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. The business had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. As a group, equities research analysts forecast that Chemung Financial will post 5.38 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.44%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's payout ratio is presently 54.70%.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in 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 acquiring an additional 869 shares during the last quarter. Nuveen LLC acquired a new stake in Chemung Financial during the first quarter worth approximately $228,000. Jane Street Group LLC acquired a new stake in shares of Chemung Financial in the first quarter valued at approximately $255,000. Wells Fargo & Company MN raised its position in shares of Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after buying an additional 416 shares in the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in shares of Chemung Financial in the first quarter valued at approximately $290,000. Institutional investors own 47.50% of the company's stock.

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.