Chemung Financial (NASDAQ:CHMG) Price Target Lowered to $55.00 at Keefe, Bruyette & Woods

Chemung Financial (NASDAQ:CHMG) had its price objective cut by Keefe, Bruyette & Woods from $60.00 to $55.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 30.52% from the company’s current price.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $42.14 on Tuesday. The firm has a market cap of $201.81 million, a PE ratio of 8.50 and a beta of 0.10. Chemung Financial has a 1-year low of $40.71 and a 1-year high of $55.73. The company has a fifty day moving average price of $47.48 and a 200 day moving average price of $48.84. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.03. The business had revenue of $25.71 million during the quarter, compared to analysts’ expectations of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Research analysts predict that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after buying an additional 1,968 shares during the period. JPMorgan Chase & Co. increased its position in Chemung Financial by 233.1% in the third quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares during the last quarter. Barclays PLC lifted its holdings 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 buying an additional 5,788 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Chemung Financial during the fourth quarter worth $364,000. Finally, Raymond James Financial Inc. acquired a new stake in Chemung Financial during the 4th quarter worth about $412,000. Hedge funds and other institutional investors 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.