Keefe, Bruyette & Woods Issues Positive Forecast for Chemung Financial (NASDAQ:CHMG) Stock Price

Chemung Financial (NASDAQ:CHMG) had its price target hoisted by stock analysts at Keefe, Bruyette & Woods from $54.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 14.29% from the stock’s current price.

Separately, StockNews.com lowered Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Chemung Financial Stock Up 0.8 %

Shares of NASDAQ CHMG traded up $0.40 during trading hours on Wednesday, hitting $52.50. The stock had a trading volume of 47,996 shares, compared to its average volume of 10,360. The company has a market capitalization of $249.85 million, a P/E ratio of 11.62 and a beta of 0.17. The firm’s 50-day moving average price is $49.02 and its two-hundred day moving average price is $46.79. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial has a 52 week low of $39.00 and a 52 week high of $52.70.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. Analysts anticipate that Chemung Financial will post 4.94 EPS for the current fiscal year.

Insider Activity

In other news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after acquiring an additional 397 shares during the period. Empowered Funds LLC lifted its position in Chemung Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after purchasing an additional 1,072 shares during the period. Renaissance Technologies LLC boosted its stake in Chemung Financial by 4.3% during the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after buying an additional 1,400 shares in the last quarter. Geode Capital Management LLC increased its holdings in Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares during the period. Finally, Acadian Asset Management LLC raised its position in Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after purchasing an additional 2,054 shares in the last quarter. Institutional investors and hedge funds 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.