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

Piper Sandler assumed coverage on shares of Chemung Financial (NASDAQ:CHMG) in a research report report published on Friday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $57.00 target price on the bank’s stock.

A number of other equities research analysts also recently weighed in on the company. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods raised 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 Stock Up 0.7 %

Shares of NASDAQ CHMG opened at $50.05 on Friday. Chemung Financial has a 52 week low of $39.00 and a 52 week high of $55.73. The stock’s fifty day moving average is $50.58 and its 200 day moving average is $47.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $238.19 million, a P/E ratio of 11.07 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating the consensus estimate 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 net margin of 14.56% and a return on equity of 10.60%. Sell-side analysts forecast that Chemung Financial will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.31 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.48%. Chemung Financial’s dividend payout ratio is currently 27.43%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial during the 3rd quarter worth approximately $324,000. Barclays PLC lifted its holdings in shares of Chemung Financial by 167.9% during the third quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Chemung Financial by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after purchasing an additional 5,584 shares during the last quarter. Martingale Asset Management L P increased its holdings 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 valued at $580,000 after purchasing an additional 4,611 shares during the period. Finally, Bright Futures Wealth Management LLC. bought a new position in Chemung Financial during the 2nd quarter worth $200,000. Institutional investors and hedge funds 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.