Keefe, Bruyette & Woods Boosts Chemung Financial (NASDAQ:CHMG) Price Target to $64.00

Chemung Financial (NASDAQ:CHMG) had its price objective hoisted by equities research analysts at Keefe, Bruyette & Woods from $60.00 to $64.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 6.54% from the company’s current price.

A number of other analysts also recently weighed in on CHMG. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a report on Monday, December 29th. Finally, Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $57.00.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $60.07 on Wednesday. The business’s 50 day simple moving average is $55.50 and its 200 day simple moving average is $53.17. Chemung Financial has a one year low of $40.71 and a one year high of $60.80. The stock has a market capitalization of $287.74 million, a PE ratio of 19.13 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Monday, January 26th. The bank reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. The firm had revenue of $30.52 million during the quarter, compared to analyst estimates of $29.48 million. As a group, research analysts forecast that Chemung Financial will post 5.38 earnings per share for the current year.

Institutional Trading of Chemung Financial

Several institutional investors have recently made changes to their positions in the company. Valicenti Advisory Services Inc. purchased a new stake in shares of Chemung Financial in the fourth quarter valued at about $208,000. Millennium Management LLC increased its stake in Chemung Financial by 84.2% in the 3rd quarter. Millennium Management LLC now owns 13,886 shares of the bank’s stock valued at $729,000 after buying an additional 6,346 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in Chemung Financial by 2.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock valued at $4,084,000 after buying an additional 1,771 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.