Chemung Financial (NASDAQ:CHMG) Price Target Cut to $50.00 by Analysts at Piper Sandler

Chemung Financial (NASDAQ:CHMG - Get Free Report) had its price objective lowered by equities researchers at Piper Sandler from $54.00 to $50.00 in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage presently has a "neutral" rating on the bank's stock. Piper Sandler's price target would indicate a potential upside of 15.55% from the company's previous close.

Separately, Keefe, Bruyette & Woods reduced their price target on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd.

Chemung Financial Price Performance

CHMG traded down $0.36 during trading on Tuesday, hitting $43.27. 4,019 shares of the stock traded hands, compared to its average volume of 13,410. The business has a 50 day moving average price of $46.85 and a 200 day moving average price of $48.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a twelve month low of $40.71 and a twelve month high of $55.73. The company has a market cap of $207.26 million, a price-to-earnings ratio of 8.72 and a beta of 0.10.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.04. The company had revenue of $25.71 million during the quarter, compared to analysts' expectations of $25.90 million. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Equities research analysts forecast that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chemung Financial

Several large investors have recently bought and sold shares of CHMG. Russell Investments Group Ltd. increased its stake in shares of 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 buying an additional 869 shares during the period. PL Capital Advisors LLC bought a new stake in Chemung Financial during the 4th quarter worth approximately $96,000. Allspring Global Investments Holdings LLC bought a new stake in Chemung Financial during the 4th quarter worth approximately $231,000. Wells Fargo & Company MN increased its position in Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after acquiring an additional 416 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Chemung Financial by 8.2% during the fourth quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank's stock valued at $356,000 after acquiring an additional 552 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors.

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.