Chemung Financial (CHMG) Given a $53.00 Price Target at Sandler O’Neill

Sandler O’Neill set a $53.00 target price on Chemung Financial (NASDAQ:CHMG) in a research note published on Wednesday. The firm currently has a hold rating on the bank’s stock.

Other analysts have also recently issued research reports about the company. ValuEngine cut Chemung Financial from a buy rating to a hold rating in a report on Friday, December 1st. BidaskClub upgraded Chemung Financial from a buy rating to a strong-buy rating in a report on Thursday, December 21st.

Chemung Financial (NASDAQ:CHMG) traded up $0.50 during trading on Wednesday, reaching $49.70. The company had a trading volume of 4,710 shares, compared to its average volume of 8,533. The stock has a market cap of $233.51, a PE ratio of 18.97 and a beta of 0.22. Chemung Financial has a 1 year low of $31.72 and a 1 year high of $56.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $19.93 million during the quarter. Chemung Financial had a return on equity of 8.39% and a net margin of 15.94%.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 19th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Monday, December 18th. Chemung Financial’s dividend payout ratio (DPR) is 39.69%.

In other Chemung Financial news, CFO Karl Francis Krebs sold 750 shares of Chemung Financial stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $46.67, for a total value of $35,002.50. Following the completion of the sale, the chief financial officer now owns 3,462 shares in the company, valued at approximately $161,571.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 22.28% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CHMG. Schwab Charles Investment Management Inc. acquired a new position in shares of Chemung Financial in the 3rd quarter valued at about $212,000. Macquarie Group Ltd. acquired a new position in shares of Chemung Financial in the 3rd quarter valued at about $213,000. Nationwide Fund Advisors lifted its stake in shares of Chemung Financial by 58.0% in the 3rd quarter. Nationwide Fund Advisors now owns 5,177 shares of the bank’s stock valued at $244,000 after purchasing an additional 1,900 shares in the last quarter. Teachers Advisors LLC lifted its stake in shares of Chemung Financial by 8.6% in the 2nd quarter. Teachers Advisors LLC now owns 5,350 shares of the bank’s stock valued at $219,000 after purchasing an additional 424 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Chemung Financial by 166.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,580 shares of the bank’s stock valued at $228,000 after purchasing an additional 3,489 shares in the last quarter. Institutional investors own 30.90% of the company’s stock.

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About Chemung Financial

Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG).

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