Chemung Financial (NASDAQ:CHMG) Price Target Cut to $49.00

Chemung Financial (NASDAQ:CHMG) had its price target decreased by equities researchers at Keefe, Bruyette & Woods from $51.00 to $49.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 12.03% from the stock’s previous close.

Chemung Financial Trading Down 2.1 %

Shares of NASDAQ:CHMG opened at $43.74 on Monday. Chemung Financial has a 12 month low of $33.72 and a 12 month high of $51.36. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $41.97 and its 200 day simple moving average is $44.43. The firm has a market cap of $207.77 million, a price-to-earnings ratio of 8.38 and a beta of 0.20.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.36). Chemung Financial had a return on equity of 12.67% and a net margin of 17.35%. The company had revenue of $23.77 million for the quarter, compared to analyst estimates of $23.52 million. As a group, research analysts forecast that Chemung Financial will post 4.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CHMG. Chemung Canal Trust Co. boosted 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 during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Chemung Financial during the third quarter worth $30,000. Finally, BNP Paribas Financial Markets boosted its holdings in Chemung Financial by 369.5% during the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after purchasing an additional 5,081 shares during 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.