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

Chemung Financial (NASDAQ:CHMG) had its target price trimmed by Keefe, Bruyette & Woods from $51.00 to $49.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG opened at $43.50 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.18. Chemung Financial has a 1-year low of $33.72 and a 1-year high of $51.36. The stock has a market capitalization of $206.63 million, a P/E ratio of 8.33 and a beta of 0.20. The business has a 50-day moving average price of $41.98 and a two-hundred day moving average price of $44.43.

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 net margin of 17.35% and a return on equity of 12.67%. The firm had revenue of $23.77 million during the quarter, compared to the consensus estimate of $23.52 million. Equities analysts predict that Chemung Financial will post 5.01 earnings per share for the current year.

Chemung Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 18th were issued a $0.31 dividend. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.85%. Chemung Financial’s dividend payout ratio (DPR) is presently 23.75%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Chemung Financial in the third quarter valued at about $30,000. Chemung Canal Trust Co. grew its stake in Chemung Financial by 0.3% in the 3rd quarter. Chemung Canal Trust Co. now owns 352,340 shares of the bank’s stock valued at $13,956,000 after buying an additional 1,139 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Chemung Financial by 369.5% in the 4th quarter. BNP Paribas Financial Markets now owns 6,456 shares of the bank’s stock valued at $322,000 after acquiring an additional 5,081 shares during the period. 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.