Keefe, Bruyette & Woods Cuts Chemung Financial (NASDAQ:CHMG) Price Target to $55.00

Chemung Financial (NASDAQ:CHMG) had its target price decreased by equities research analysts at Keefe, Bruyette & Woods from $60.00 to $55.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 30.52% from the company’s current price.

Chemung Financial Trading Down 0.9 %

Shares of Chemung Financial stock opened at $42.14 on Tuesday. The stock has a 50 day moving average of $47.48 and a 200 day moving average of $48.84. The firm has a market capitalization of $201.81 million, a price-to-earnings ratio of 8.50 and a beta of 0.10. Chemung Financial has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Friday, April 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. The company had revenue of $25.71 million for the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. As a group, research analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Chemung Financial by 1.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,384 shares of the bank’s stock valued at $604,000 after purchasing an additional 216 shares during the last quarter. Man Group plc purchased a new position in Chemung Financial in the 4th quarter valued at about $699,000. Millennium Management LLC acquired a new stake in Chemung Financial during the 4th quarter valued at approximately $405,000. Bridgeway Capital Management LLC boosted its stake in Chemung Financial by 3.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank’s stock valued at $3,808,000 after acquiring an additional 2,633 shares during the last quarter. Finally, Citadel Advisors LLC raised its stake in Chemung Financial by 57.8% during the fourth quarter. Citadel Advisors LLC now owns 20,791 shares of the bank’s stock valued at $1,015,000 after buying an additional 7,617 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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.