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

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

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

Chemung Financial Price Performance

CHMG traded down $0.80 during trading on Monday, reaching $52.60. 3,717 shares of the company were exchanged, compared to its average volume of 14,017. The company's 50-day moving average is $48.81 and its two-hundred day moving average is $47.85. Chemung Financial has a 12-month low of $40.71 and a 12-month high of $55.73. The company has a market cap of $251.93 million, a price-to-earnings ratio of 22.48 and a beta of 0.37. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share for the quarter, hitting the consensus estimate of $1.31. The company had revenue of $10.10 million for the quarter, compared to analysts' expectations of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%. Research analysts forecast that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's dividend payout ratio (DPR) is 54.70%.

Insider Activity

In other Chemung Financial news, insider Jeffrey P. Kenefick bought 475 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was acquired at an average cost of $52.75 per share, with a total value of $25,056.25. Following the completion of the purchase, the insider directly owned 10,535 shares in the company, valued at approximately $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 12.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently modified their holdings of CHMG. Russell Investments Group Ltd. increased its stake in Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after acquiring an additional 869 shares during the period. Nuveen LLC acquired a new position in Chemung Financial in the first quarter valued at approximately $228,000. Jane Street Group LLC acquired a new position in Chemung Financial in the 1st quarter worth $255,000. Wells Fargo & Company MN grew its position in 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 purchasing an additional 416 shares in the last quarter. Finally, Modern Wealth Management LLC bought a new position in shares of Chemung Financial in the 1st quarter valued at about $290,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Company Profile

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.