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

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

Chemung Financial Price Performance

Chemung Financial stock opened at $44.69 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $212.28 million, a price-to-earnings ratio of 8.56 and a beta of 0.20. Chemung Financial has a 1 year low of $33.72 and a 1 year high of $51.36. The firm has a 50 day moving average price of $41.96 and a 200 day moving average price of $44.41.

Chemung Financial (NASDAQ:CHMG) last released 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 firm had revenue of $23.77 million for the quarter, compared to analyst estimates of $23.52 million. Sell-side analysts predict that Chemung Financial will post 4.93 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 18th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Friday, March 15th. Chemung Financial’s dividend payout ratio is presently 23.75%.

Institutional Trading of Chemung Financial

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its position in shares of Chemung Financial by 369.5% in the fourth quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock worth $322,000 after buying an additional 5,081 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Chemung Financial in the 3rd quarter worth approximately $30,000. Finally, Chemung Canal Trust Co. grew its position in Chemung Financial by 0.3% in the third quarter. Chemung Canal Trust Co. now owns 352,340 shares of the bank’s stock valued at $13,956,000 after acquiring an additional 1,139 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

About Chemung Financial

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.