Analysts Set $45.50 Price Target for Chemung Financial Corp. (CHMG)

Shares of Chemung Financial Corp. (NASDAQ:CHMG) have been assigned an average broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.

Analysts have set a 1 year consensus price target of $45.50 for the company and are forecasting that the company will post $1.03 EPS for the current quarter, according to Zacks. Zacks has also given Chemung Financial an industry rank of 189 out of 256 based on the ratings given to related companies.

Several equities analysts recently issued reports on the company. Zacks Investment Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, November 28th. FIG Partners began coverage on shares of Chemung Financial in a report on Friday, September 28th. They issued a “hold” rating and a $47.00 price target on the stock. Finally, ValuEngine lowered shares of Chemung Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd.

In other Chemung Financial news, Director G. Thomas Jr. Tranter purchased 850 shares of the stock in a transaction on Wednesday, October 24th. The shares were bought at an average cost of $42.50 per share, with a total value of $36,125.00. Following the completion of the acquisition, the director now owns 21,066 shares in the company, valued at $895,305. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 20.63% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of CHMG. BlackRock Inc. boosted its holdings in Chemung Financial by 10.9% in the second quarter. BlackRock Inc. now owns 162,691 shares of the bank’s stock valued at $8,152,000 after purchasing an additional 15,974 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Chemung Financial by 69.6% in the third quarter. Dimensional Fund Advisors LP now owns 36,569 shares of the bank’s stock valued at $1,552,000 after purchasing an additional 15,001 shares during the last quarter. Vanguard Group Inc boosted its holdings in Chemung Financial by 10.4% in the third quarter. Vanguard Group Inc now owns 149,786 shares of the bank’s stock valued at $6,356,000 after purchasing an additional 14,165 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Chemung Financial by 10.4% in the third quarter. Vanguard Group Inc. now owns 149,786 shares of the bank’s stock valued at $6,356,000 after purchasing an additional 14,165 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Chemung Financial by 14.8% in the third quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock valued at $2,994,000 after purchasing an additional 9,075 shares during the last quarter. 34.45% of the stock is currently owned by institutional investors.

Shares of CHMG stock opened at $40.77 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 0.91. Chemung Financial has a 12-month low of $36.87 and a 12-month high of $53.99. The firm has a market cap of $199.00 million, a PE ratio of 18.12 and a beta of 0.04.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Thursday, October 18th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.18. Chemung Financial had a return on equity of 8.58% and a net margin of 13.51%. The firm had revenue of $22.46 million for the quarter, compared to the consensus estimate of $20.81 million. On average, analysts predict that Chemung Financial will post 3.47 earnings per share for the current year.

The firm also recently declared a dividend, which was paid on Monday, December 31st. Shareholders of record on Wednesday, December 19th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, December 18th. Chemung Financial’s payout ratio is 46.22%.

Chemung Financial Company Profile

Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.

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