Chemung Financial Corp (NASDAQ:CHMG) Stock Has Consensus Price Target of $87.67 According to Analysts

Chemung Financial Corp (NASDAQ:CHMG) has been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $87.67.

A number of equities research analysts have recently issued reports on CHMG shares. Raymond James Financial started coverage on Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 target price for the company. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods upped their price target on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Finally, Zacks Research downgraded shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st.

Insider Buying and Selling

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president owned 5,164 shares in the company, valued at $431,194. The trade was a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.69% of the stock is owned by corporate insiders.

Institutional Trading of Chemung Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc bought a new position in Chemung Financial during the 2nd quarter worth approximately $28,000. Deutsche Bank AG acquired a new stake in shares of Chemung Financial in the 2nd quarter worth about $301,000. Algert Global LLC bought a new stake in Chemung Financial in the 2nd quarter valued at about $494,000. Bank of America Corp DE bought a new stake in Chemung Financial in the 2nd quarter valued at about $1,058,000. Finally, Bank of New York Mellon Corp acquired a new position in Chemung Financial during the 2nd quarter valued at about $1,149,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Trading Down 0.5%

Shares of CHMG traded down $0.44 during mid-day trading on Tuesday, hitting $81.29. The company had a trading volume of 20,785 shares, compared to its average volume of 35,760. Chemung Financial has a 1-year low of $49.82 and a 1-year high of $86.00. The business’s 50-day simple moving average is $82.20 and its 200-day simple moving average is $71.69. The stock has a market cap of $391.80 million, a PE ratio of 11.68 and a beta of 0.57. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million for the quarter, compared to analysts’ expectations of $30.52 million. Sell-side analysts forecast that Chemung Financial will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be paid a dividend of $0.36 per share. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $1.44 annualized dividend and a yield of 1.8%. Chemung Financial’s payout ratio is presently 20.69%.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.