Keefe, Bruyette & Woods Increases Chemung Financial (NASDAQ:CHMG) Price Target to $60.00

Chemung Financial (NASDAQ:CHMG) had its price target upped by investment analysts at Keefe, Bruyette & Woods from $54.00 to $60.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 9.81% from the stock’s current price.

Separately, StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Chemung Financial Stock Up 3.1 %

Chemung Financial stock opened at $54.64 on Wednesday. The stock’s 50 day moving average price is $49.12 and its 200 day moving average price is $46.83. The company has a market cap of $260.09 million, a PE ratio of 11.73 and a beta of 0.17. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $54.65.

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 analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $24.00 million. On average, sell-side analysts predict that Chemung Financial will post 4.94 EPS for the current fiscal year.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHMG. Bright Futures Wealth Management LLC. acquired a new position in shares of Chemung Financial during the second quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial during the 3rd quarter worth $324,000. Barclays PLC increased its position in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 valued at $558,000 after purchasing an additional 397 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in shares of Chemung Financial by 61.8% during the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after purchasing an additional 4,611 shares during 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.