Chemung Financial (NASDAQ:CHMG) Rating Lowered to “Hold” at Zacks Research

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

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

Chemung Financial Price Performance

Shares of Chemung Financial stock opened at $81.97 on Monday. The firm has a market cap of $395.10 million, a PE ratio of 11.78 and a beta of 0.57. The stock has a 50 day moving average of $81.79 and a 200 day moving average of $70.92. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Chemung Financial has a 12 month low of $49.82 and a 12 month high of $86.00.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million during the quarter, compared to the consensus estimate of $30.52 million. On average, research analysts expect that Chemung Financial will post 7.54 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Chemung Financial in the second quarter valued at about $29,197,000. Bank of New York Mellon Corp acquired a new stake in Chemung Financial during the second quarter worth $1,149,000. PL Capital Advisors LLC raised its holdings in Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after buying an additional 50,209 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at approximately $2,347,000. Finally, Rhino Investment Partners Inc raised its position in Chemung Financial by 217.8% in the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock valued at $1,134,000 after purchasing an additional 14,440 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

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.