Wall Street Zen Downgrades Chemung Financial (NASDAQ:CHMG) to Hold

Chemung Financial (NASDAQ:CHMG) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

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

Chemung Financial Stock Performance

Shares of CHMG stock opened at $82.68 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The company has a market cap of $398.52 million, a price-to-earnings ratio of 11.88 and a beta of 0.58. Chemung Financial has a 1 year low of $49.82 and a 1 year high of $85.00. The firm has a fifty day moving average price of $77.57 and a 200-day moving average price of $67.24.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, equities analysts predict that Chemung Financial will post 7.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Legal & General Group Plc bought a new position in shares of Chemung Financial during the second quarter worth $28,000. Tower Research Capital LLC TRC lifted its stake in Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after purchasing an additional 426 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after purchasing an additional 563 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Chemung Financial by 16.9% during the 2nd 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 during the last quarter. 47.50% of the stock is currently owned by institutional investors.

About Chemung Financial

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.