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

Chemung Financial (NASDAQ:CHMG) had its price target raised by stock analysts at Keefe, Bruyette & Woods from $60.00 to $64.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 8.90% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 27th. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $57.00.

Chemung Financial Price Performance

Chemung Financial stock traded down $0.34 during mid-day trading on Wednesday, hitting $58.77. The company’s stock had a trading volume of 2,449 shares, compared to its average volume of 5,920. The stock has a market capitalization of $281.51 million, a P/E ratio of 18.83 and a beta of 0.49. Chemung Financial has a twelve month low of $40.71 and a twelve month high of $60.80. The stock’s fifty day moving average price is $55.15 and its two-hundred day moving average price is $53.08. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CHMG. AQR Capital Management LLC grew its position in Chemung Financial by 55.4% in the 1st quarter. AQR Capital Management LLC now owns 7,398 shares of the bank’s stock worth $352,000 after purchasing an additional 2,638 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank’s stock worth $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Chemung Financial in the first quarter valued at $255,000. JFS Wealth Advisors LLC acquired a new stake in Chemung Financial during the second quarter worth $88,000. Finally, PL Capital Advisors LLC raised its stake in shares of Chemung Financial by 202.8% in the 2nd quarter. PL Capital Advisors LLC now owns 5,972 shares of the bank’s stock valued at $289,000 after buying an additional 4,000 shares in the last quarter. 47.50% of the stock is owned by institutional investors.

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.