Chemung Financial (NASDAQ:CHMG) Now Covered by Analysts at Piper Sandler

Piper Sandler started coverage on shares of Chemung Financial (NASDAQ:CHMG) in a report issued on Friday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $57.00 target price on the bank’s stock.

A number of other brokerages have also recently commented on CHMG. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $50.05 on Friday. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $55.73. The company has a market cap of $238.19 million, a P/E ratio of 11.07 and a beta of 0.17. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s 50-day simple moving average is $50.58 and its 200 day simple moving average is $47.59.

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

Chemung Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.48%. Chemung Financial’s dividend payout ratio (DPR) is 27.43%.

Insider Activity

In other news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its position in Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares during the period. Renaissance Technologies LLC grew its stake in shares of Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after acquiring an additional 1,400 shares in the last quarter. Empowered Funds LLC increased its position in Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock worth $1,020,000 after acquiring an additional 1,072 shares during the period. Bank of New York Mellon Corp raised its stake in Chemung Financial by 3.5% in the 2nd 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, Dimensional Fund Advisors LP boosted its holdings in Chemung Financial by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares during the period. 47.50% of the stock is owned by institutional investors and hedge funds.

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.