Raymond James Financial Upgrades Chemung Financial (NASDAQ:CHMG) to “Moderate Buy”

Chemung Financial (NASDAQ:CHMG) was upgraded by research analysts at Raymond James Financial to a “moderate buy” rating in a research note issued on Tuesday, Marketbeat.com reports.

Several other analysts have also recently weighed in on CHMG. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Chemung Financial currently has an average rating of “Buy” and an average price target of $84.00.

Chemung Financial Stock Performance

CHMG opened at $83.90 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. Chemung Financial has a 52-week low of $49.82 and a 52-week high of $85.00. The firm has a market cap of $404.40 million, a P/E ratio of 12.05 and a beta of 0.57. The business’s fifty day moving average is $79.18 and its 200-day moving average is $68.32.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating the consensus estimate of $1.77 by $0.05. The business had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. Sell-side analysts expect that Chemung Financial will post 7.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently modified their holdings of CHMG. PNC Financial Services Group Inc. increased its stake in shares of Chemung Financial by 11.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock valued at $129,000 after acquiring an additional 245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after purchasing an additional 330 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Chemung Financial by 0.5% during the second quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock valued at $3,683,000 after purchasing an additional 350 shares during the period. Captrust Financial Advisors raised its holdings in shares of Chemung Financial by 5.0% during the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock valued at $440,000 after purchasing an additional 372 shares during the period. Finally, Legal & General Group Plc bought a new position in shares of Chemung Financial during the 2nd quarter worth about $28,000. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.