Piper Sandler Lowers Chemung Financial (NASDAQ:CHMG) Price Target to $50.00

Chemung Financial (NASDAQ:CHMG) had its target price decreased by equities researchers at Piper Sandler from $54.00 to $50.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 14.61% from the stock’s current price.

Separately, Keefe, Bruyette & Woods cut their target price on Chemung Financial from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Tuesday.

Chemung Financial Price Performance

CHMG traded up $1.49 on Tuesday, reaching $43.63. The stock had a trading volume of 4,564 shares, compared to its average volume of 13,498. The firm has a 50-day moving average of $47.48 and a 200-day moving average of $48.84. Chemung Financial has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The company has a market capitalization of $208.92 million, a price-to-earnings ratio of 8.80 and a beta of 0.10. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.23 by $0.03. The business had revenue of $25.71 million for the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, sell-side analysts anticipate that Chemung Financial will post 5.38 EPS for the current year.

Hedge Funds Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its stake in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after purchasing an additional 5,788 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock worth $3,690,000 after buying an additional 1,968 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Chemung Financial by 233.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after buying an additional 6,802 shares during the period. Empowered Funds LLC increased its stake in shares of Chemung Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 22,278 shares of the bank’s stock valued at $1,087,000 after acquiring an additional 1,033 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the 4th quarter valued at $231,000. 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.