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

Research analysts at Piper Sandler initiated coverage on shares of Chemung Financial (NASDAQ:CHMG) in a research note issued to investors on Friday. The brokerage set a “neutral” rating and a $57.00 price target on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 14.69% from the company’s previous close.

Several other equities analysts have also commented on the company. 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 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 Price Performance

Shares of NASDAQ CHMG opened at $49.70 on Friday. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73. The stock has a market capitalization of $236.52 million, a P/E ratio of 11.00 and a beta of 0.17. The company’s 50-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 current ratio of 0.87 and a quick ratio of 0.87.

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

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction dated 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. The trade was a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

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