Chemung Financial (NASDAQ:CHMG) Price Target Raised to $60.00

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

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

Chemung Financial Stock Performance

Shares of NASDAQ CHMG traded up $0.40 during midday trading on Wednesday, reaching $52.50. 47,996 shares of the company traded hands, compared to its average volume of 10,360. The stock has a 50-day moving average price of $49.02 and a 200 day moving average price of $46.79. The company has a market cap of $249.85 million, a price-to-earnings ratio of 11.62 and a beta of 0.17. 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 52 week low of $39.00 and a 52 week high of $52.70.

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

Insider Buying and Selling

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Bright Futures Wealth Management LLC. acquired a new stake in shares of Chemung Financial in the second quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Chemung Financial during the 3rd quarter worth about $324,000. Barclays PLC grew its stake in Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after acquiring an additional 5,788 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in shares of Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Company Profile

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.