Keefe, Bruyette & Woods Trims Chemung Financial (NASDAQ:CHMG) Target Price to $49.00

Chemung Financial (NASDAQ:CHMG) had its price objective decreased by Keefe, Bruyette & Woods from $51.00 to $49.00 in a research report released on Monday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Chemung Financial Trading Up 0.1 %

NASDAQ CHMG opened at $43.80 on Monday. The firm has a 50 day simple moving average of $41.97 and a 200-day simple moving average of $44.43. The firm has a market cap of $208.05 million, a price-to-earnings ratio of 8.39 and a beta of 0.20. Chemung Financial has a one year low of $33.72 and a one year high of $51.36. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 0.84.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Thursday, January 25th. The bank reported $0.81 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.36). The firm had revenue of $23.77 million during the quarter, compared to analyst estimates of $23.52 million. Chemung Financial had a net margin of 17.35% and a return on equity of 12.67%. Equities research analysts anticipate that Chemung Financial will post 5.01 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 18th were issued a $0.31 dividend. The ex-dividend date was Friday, March 15th. This represents a $1.24 annualized dividend and a yield of 2.83%. Chemung Financial’s dividend payout ratio (DPR) is 23.75%.

Institutional Trading of Chemung Financial

Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after acquiring an additional 5,081 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Chemung Financial during the third quarter worth approximately $30,000. Finally, Chemung Canal Trust Co. raised its holdings in Chemung Financial by 0.3% during the third quarter. Chemung Canal Trust Co. now owns 352,340 shares of the bank’s stock worth $13,956,000 after purchasing an additional 1,139 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.