Chemung Financial (NASDAQ:CHMG) Stock Rating Lowered by Zacks Research

Chemung Financial (NASDAQ:CHMG) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts have also recently weighed in on CHMG. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, August 30th. Finally, Raymond James Financial began coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Chemung Financial presently has an average rating of “Moderate Buy” and a consensus target price of $84.00.

Chemung Financial Stock Down 0.5%

Shares of NASDAQ CHMG opened at $81.97 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market capitalization of $395.10 million, a price-to-earnings ratio of 11.78 and a beta of 0.57. The stock has a 50 day moving average price of $81.79 and a 200 day moving average price of $70.92. Chemung Financial has a 52-week low of $49.82 and a 52-week high of $86.00.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.05. The company had revenue of $31.17 million for the quarter, compared to analysts’ expectations of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. Sell-side analysts expect that Chemung Financial will post 7.54 earnings per share for the current year.

Insider Activity

In other news, EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares in the company, valued at approximately $431,194. This trade represents a 49.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors have recently added to or reduced their stakes in CHMG. Hudock Inc. purchased a new position in Chemung Financial in the second quarter valued at about $1,634,000. Wellington Management Group LLP purchased a new stake in shares of Chemung Financial during the second quarter valued at about $2,347,000. Empowered Funds LLC purchased a new stake in shares of Chemung Financial during the second quarter valued at about $2,010,000. Bank of America Corp DE bought a new stake in shares of Chemung Financial in the 2nd quarter valued at about $1,058,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Chemung Financial in the 2nd quarter valued at about $1,272,000. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.