Chemung Financial (NASDAQ:CHMG) Raised to “Strong-Buy” at Zacks Research

by · The Cerbat Gem

Chemung Financial (NASDAQ:CHMG – Get Free Report) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, Zacks reports.

A number of other research firms have also commented on CHMG. Keefe, Bruyette & Woods lifted their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Hovde Group began coverage on shares of Chemung Financial in a research report on Monday, October 12th. They set a “market perform” rating and a $88.00 target price for the company. Raymond James Financial restated an “outperform” rating and set a $90.00 price target on shares of Chemung Financial in a report on Tuesday. Wall Street Zen lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. Finally, Weiss Ratings downgraded shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.75.

View Our Latest Analysis on Chemung Financial

Chemung Financial Trading Down 0.3%

NASDAQ CHMG opened at $85.21 on Monday. The business’s 50-day moving average price is $82.29 and its two-hundred day moving average price is $69.87. Chemung Financial has a 12 month low of $50.05 and a 12 month high of $86.65.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.67. The company had revenue of $31.98 million during the quarter, compared to analyst estimates of $31.87 million. As a group, sell-side analysts anticipate that Chemung Financial will post 7.54 earnings per share for the current year.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently modified their holdings of CHMG. Legal & General Group Plc acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $28,000. Deutsche Bank AG acquired a new position in shares of Chemung Financial during the 2nd quarter valued at $301,000. Algert Global LLC bought a new position in Chemung Financial during the second quarter worth $494,000. Bank of America Corp DE bought a new position in Chemung Financial during the second quarter worth $1,058,000. Finally, Bank of New York Mellon Corp bought a new position in Chemung Financial during the second quarter worth $1,149,000. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Company Profile

(Get Free Report)

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 municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York’s Southern Tier.

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