Chemung Financial (CHMG) PT Set at $53.00 by Sandler O’Neill

Chemung Financial (NASDAQ:CHMG) received a $53.00 price objective from equities researchers at Sandler O’Neill in a research note issued to investors on Wednesday. The firm currently has a “hold” rating on the bank’s stock. Sandler O’Neill’s price target would indicate a potential upside of 7.72% from the company’s previous close.

Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. BidaskClub raised shares of Chemung Financial from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 21st.

Shares of Chemung Financial (NASDAQ CHMG) traded down $0.06 during midday trading on Wednesday, hitting $49.20. 8,956 shares of the stock traded hands, compared to its average volume of 10,450. Chemung Financial has a one year low of $31.72 and a one year high of $56.83. The stock has a market cap of $228.01, a PE ratio of 18.78 and a beta of 0.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Chemung Financial had a net margin of 15.94% and a return on equity of 8.39%. The company had revenue of $19.93 million during the quarter.

In other news, CFO Karl Francis Krebs sold 750 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $46.67, for a total transaction of $35,002.50. Following the completion of the sale, the chief financial officer now directly owns 3,462 shares of the company’s stock, valued at approximately $161,571.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.28% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Chemung Financial by 38.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 15,917 shares of the bank’s stock worth $749,000 after purchasing an additional 4,400 shares during the period. Schwab Charles Investment Management Inc. purchased a new stake in Chemung Financial during the 3rd quarter worth $212,000. Wells Fargo & Company MN boosted its position in Chemung Financial by 22.5% during the 3rd quarter. Wells Fargo & Company MN now owns 7,941 shares of the bank’s stock worth $374,000 after purchasing an additional 1,457 shares during the period. JPMorgan Chase & Co. boosted its position in Chemung Financial by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,800 shares of the bank’s stock worth $309,000 after purchasing an additional 1,220 shares during the period. Finally, Macquarie Group Ltd. purchased a new stake in Chemung Financial during the 3rd quarter worth $213,000. 30.90% of the stock is owned by hedge funds and other institutional investors.

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Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG).

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