Piper Sandler Begins Coverage on Chemung Financial (NASDAQ:CHMG)

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

A number of other brokerages have also recently issued reports on CHMG. Keefe, Bruyette & Woods boosted their target price on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $50.05 on Friday. Chemung Financial has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The firm’s 50 day moving average is $50.62 and its two-hundred day moving average is $47.67. 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 quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. Analysts expect that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

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

Insider Transactions at Chemung Financial

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

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds have recently bought and sold shares of CHMG. Bank of New York Mellon Corp raised its position in shares of Chemung Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock valued at $558,000 after purchasing an additional 397 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares during the last quarter. Bright Futures Wealth Management LLC. acquired a new stake in Chemung Financial in the second quarter valued at $200,000. Dimensional Fund Advisors LP boosted its stake in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Chemung Financial by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after acquiring an additional 1,400 shares in the last quarter. 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.