Chemung Financial (NASDAQ:CHMG) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Chemung Financial (NASDAQ:CHMG) had its price objective upped by analysts at Keefe, Bruyette & Woods from $77.00 to $81.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 0.62% from the stock’s current price.

CHMG has been the subject of a number of other reports. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 19th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Chemung Financial has a consensus rating of “Buy” and an average target price of $81.00.

Chemung Financial Price Performance

NASDAQ CHMG opened at $80.50 on Tuesday. Chemung Financial has a twelve month low of $48.61 and a twelve month high of $82.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $388.01 million, a PE ratio of 11.57 and a beta of 0.59. The stock has a 50-day simple moving average of $72.77 and a 200 day simple moving average of $63.81.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. The firm had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%. Research analysts anticipate that Chemung Financial will post 6.75 EPS for the current year.

Hedge Funds Weigh In On Chemung Financial

Large investors have recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its position in shares of Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares during the period. Jane Street Group LLC bought a new stake in shares of Chemung Financial during the first quarter valued at approximately $255,000. Invesco Ltd. acquired a new position in shares of Chemung Financial in the fourth quarter valued at $232,000. Orion Porfolio Solutions LLC acquired a new position in shares of Chemung Financial in the second quarter valued at $206,000. Finally, Rhumbline Advisers lifted its position in Chemung Financial by 27.7% in the second quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock worth $197,000 after purchasing an additional 883 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.