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

Stock analysts at Piper Sandler started coverage on shares of Chemung Financial (NASDAQ:CHMG - Get Free Report) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set a "neutral" rating and a $57.00 price target on the bank's stock. Piper Sandler's target price would suggest a potential upside of 13.89% from the company's current price.

A number of other analysts have also issued reports on CHMG. StockNews.com lowered Chemung Financial from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $54.00 to $60.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th.

Chemung Financial Trading Up 0.7 %

CHMG stock traded up $0.35 during mid-day trading on Friday, reaching $50.05. 42,824 shares of the stock traded hands, compared to its average volume of 10,844. 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 market cap of $238.19 million, a P/E ratio of 11.07 and a beta of 0.17. 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 (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. As a group, sell-side analysts expect that Chemung Financial will post 4.94 earnings per share for the current year.

Insider Activity

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. The trade was a 17.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its position in 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 buying an additional 5,788 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Chemung Financial by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 76,831 shares of the bank's stock worth $3,690,000 after acquiring an additional 1,968 shares in the last quarter. Martingale Asset Management L P increased its holdings in shares of Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank's stock valued at $580,000 after acquiring an additional 4,611 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial in the 3rd quarter valued at approximately $324,000. Finally, Empowered Funds LLC boosted 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 worth $1,020,000 after purchasing an additional 1,072 shares during the period. Institutional investors and hedge funds own 47.50% of the company's stock.

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.