Wall Street Zen Upgrades Chemung Financial (NASDAQ:CHMG) to Buy

by · The Markets Daily

Chemung Financial (NASDAQ:CHMG – Get Free Report) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently weighed in on the company. Raymond James Financial reiterated an “outperform” rating and set a $90.00 target price on shares of Chemung Financial in a research report on Tuesday, October 27th. Weiss Ratings downgraded shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Keefe, Bruyette & Woods raised their price target on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. DA Davidson set a $96.00 price objective on shares of Chemung Financial in a report on Monday, October 26th. Finally, UBS Group reiterated an “outperform” rating on shares of Chemung Financial in a research report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.75.

Get Our Latest Analysis on Chemung Financial

Chemung Financial Stock Performance

Shares of Chemung Financial stock opened at $86.27 on Friday. Chemung Financial has a one year low of $50.05 and a one year high of $87.99. The business has a 50-day simple moving average of $82.52 and a 200-day simple moving average of $70.36. 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 company has a market cap of $415.91 million, a PE ratio of 10.82 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last announced its earnings results on Thursday, October 22nd. The bank reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.67. Chemung Financial had a net margin of 23.36% and a return on equity of 14.64%. The business had revenue of $31.98 million for the quarter, compared to analysts’ expectations of $31.87 million. On average, equities research analysts forecast that Chemung Financial will post 8.21 EPS for the current fiscal year.

Insider Activity

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the transaction, the executive vice president owned 5,164 shares in the company, valued at $431,194. This trade represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Several institutional investors and hedge funds have recently modified their holdings of CHMG. BlackRock Inc. purchased a new position in shares of Chemung Financial during the 2nd quarter valued at approximately $29,197,000. Dimensional Fund Advisors LP raised its stake in shares of Chemung Financial by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock worth $9,787,000 after buying an additional 2,172 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Chemung Financial in the 2nd quarter valued at about $12,098,000. Wellington Management Group LLP acquired a new stake in Chemung Financial in the 2nd quarter valued at $2,347,000. Finally, Empowered Funds LLC acquired a new stake in Chemung Financial in the second quarter valued at $2,010,000. 47.50% of the stock is currently owned by institutional investors.

About Chemung Financial

(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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