Chemung Financial (NASDAQ:CHMG) Earns Neutral Rating from Analysts at Piper Sandler

Analysts at Piper Sandler initiated coverage on shares of Chemung Financial (NASDAQ:CHMG) in a research note issued on Friday. The firm set a “neutral” rating and a $57.00 price target on the bank’s stock. Piper Sandler’s price objective would suggest a potential upside of 14.69% from the stock’s current price.

CHMG has been the topic of several other reports. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Keefe, Bruyette & Woods boosted their price objective on Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Chemung Financial Price Performance

NASDAQ CHMG opened at $49.70 on Friday. The stock has a market capitalization of $236.52 million, a price-to-earnings ratio of 11.00 and a beta of 0.17. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The business’s fifty day moving average price is $50.58 and its 200-day moving average price is $47.59.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The company had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. On average, equities analysts predict that Chemung Financial will post 4.94 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the transaction, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Several institutional investors have recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after buying an additional 5,788 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Chemung Financial by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after acquiring an additional 1,968 shares during the last quarter. Martingale Asset Management L P grew its position in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after acquiring an additional 4,611 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial during the third quarter worth approximately $324,000. Finally, Empowered Funds LLC raised its position in Chemung Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 21,245 shares of the bank’s stock valued at $1,020,000 after purchasing an additional 1,072 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.