Chemung Financial (NASDAQ:CHMG) Upgraded by Wall Street Zen to “Buy” Rating

Chemung Financial (NASDAQ:CHMG) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently commented on the stock. Zacks Research downgraded shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 29th. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $55.00 to $59.00 and gave the company a “market perform” rating in a report on Monday, July 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Chemung Financial has an average rating of “Hold” and an average target price of $54.50.

Chemung Financial Price Performance

Shares of CHMG traded up $0.44 during trading hours on Friday, hitting $50.79. 7,881 shares of the company were exchanged, compared to its average volume of 5,831. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $243.28 million, a PE ratio of 18.34 and a beta of 0.44. The firm has a fifty day simple moving average of $52.14 and a 200-day simple moving average of $50.10. Chemung Financial has a one year low of $40.71 and a one year high of $55.73.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a return on equity of 11.52% and a net margin of 9.58%.The company had revenue of $25.71 million for the quarter. As a group, sell-side analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Insider Buying and Selling at Chemung Financial

In related news, Director Jeffrey B. Streeter bought 2,184 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $51.92 per share, with a total value of $113,393.28. Following the completion of the purchase, the director owned 32,726 shares of the company’s stock, valued at $1,699,133.92. This represents a 7.15% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its holdings in shares of Chemung Financial by 73.9% during the first quarter. American Century Companies Inc. now owns 17,323 shares of the bank’s stock worth $824,000 after acquiring an additional 7,364 shares during the period. Acadian Asset Management LLC increased its holdings in Chemung Financial by 3.6% during the 1st quarter. Acadian Asset Management LLC now owns 72,597 shares of the bank’s stock worth $3,450,000 after purchasing an additional 2,541 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Chemung Financial in the 1st quarter valued at about $299,000. Modern Wealth Management LLC bought a new stake in shares of Chemung Financial in the first quarter valued at about $290,000. Finally, Nuveen LLC acquired a new position in shares of Chemung Financial during the first quarter worth about $228,000. 47.50% of the stock is owned by institutional investors and hedge funds.

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.