Piper Sandler Issues Pessimistic Forecast for Chemung Financial (NASDAQ:CHMG) Stock Price

Chemung Financial (NASDAQ:CHMG) had its price target cut by Piper Sandler from $54.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target would indicate a potential upside of 14.61% from the company’s current price.

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

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded up $1.49 during trading on Tuesday, reaching $43.63. 4,564 shares of the stock were exchanged, compared to its average volume of 13,498. The firm has a market cap of $208.92 million, a PE 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 has a 12 month low of $40.71 and a 12 month high of $55.73. The stock has a 50-day moving average price of $47.48 and a 200-day moving average price of $48.84.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.03. The firm had revenue of $25.71 million for the quarter, compared to analysts’ expectations of $25.90 million. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. Research analysts expect that Chemung Financial will post 5.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Chemung Financial

Large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its position in shares of Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank’s stock worth $83,000 after acquiring an additional 869 shares in the last quarter. PL Capital Advisors LLC bought a new position in shares of Chemung Financial in the 4th quarter valued at $96,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Chemung Financial during the 4th quarter worth $231,000. Wells Fargo & Company MN boosted its stake in Chemung Financial by 8.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank’s stock valued at $268,000 after buying an additional 416 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Chemung Financial by 8.2% in the fourth quarter. BNP Paribas Financial Markets now owns 7,285 shares of the bank’s stock valued at $356,000 after acquiring an additional 552 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.