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

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

Chemung Financial Trading Up 0.1 %

Shares of Chemung Financial stock opened at $43.80 on Monday. The stock has a fifty day simple moving average of $41.97 and a 200 day simple moving average of $44.43. Chemung Financial has a 12-month low of $33.72 and a 12-month high of $51.36. The company has a market capitalization of $208.05 million, a P/E ratio of 8.39 and a beta of 0.20. 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 (NASDAQ:CHMG) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.36). Chemung Financial had a return on equity of 12.67% and a net margin of 17.35%. The company had revenue of $23.77 million for the quarter, compared to the consensus estimate of $23.52 million. On average, sell-side analysts anticipate that Chemung Financial will post 5.01 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 18th were paid 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 yield of 2.83%. Chemung Financial’s dividend payout ratio (DPR) is presently 23.75%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CHMG. 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 purchasing an additional 1,139 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Chemung Financial in the 3rd quarter valued at $30,000. Finally, BNP Paribas Financial Markets grew its stake 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 purchasing an additional 5,081 shares during the period. Institutional investors 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.