DA Davidson reaffirmed their neutral rating on shares of Chemung Financial (NASDAQ:CHMG) in a research report sent to investors on Wednesday, Zacks.com reports. DA Davidson also issued estimates for Chemung Financial’s Q3 2019 earnings at $1.02 EPS, FY2019 earnings at $3.93 EPS and FY2020 earnings at $4.01 EPS.

A number of other brokerages also recently commented on CHMG. ValuEngine downgraded shares of Chemung Financial from a hold rating to a sell rating in a research note on Wednesday, July 17th. Janney Montgomery Scott raised shares of Chemung Financial from a neutral rating to a buy rating in a research note on Tuesday, August 6th. Finally, Zacks Investment Research raised shares of Chemung Financial from a sell rating to a hold rating in a research note on Monday, June 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Chemung Financial has a consensus rating of Hold and a consensus price target of $45.33.

NASDAQ CHMG traded down $0.66 during mid-day trading on Wednesday, reaching $44.00. 9,574 shares of the stock were exchanged, compared to its average volume of 5,663. Chemung Financial has a 1-year low of $36.87 and a 1-year high of $51.00. The business’s fifty day simple moving average is $41.86 and its 200 day simple moving average is $46.02. The stock has a market capitalization of $213.09 million, a PE ratio of 11.58 and a beta of 0.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.01. Chemung Financial had a net margin of 24.94% and a return on equity of 11.97%. The company had revenue of $20.19 million for the quarter, compared to analyst estimates of $20.59 million. On average, analysts anticipate that Chemung Financial will post 3.92 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, September 16th. Chemung Financial’s dividend payout ratio (DPR) is 27.37%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in Chemung Financial by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,340 shares of the bank’s stock worth $1,128,000 after buying an additional 424 shares during the period. Sullivan Bruyette Speros & Blaney LLC increased its position in shares of Chemung Financial by 8.0% in the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 5,807 shares of the bank’s stock worth $281,000 after purchasing an additional 431 shares during the last quarter. Bank of America Corp DE increased its position in shares of Chemung Financial by 10.8% in the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after purchasing an additional 457 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chemung Financial by 6.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 8,519 shares of the bank’s stock worth $412,000 after purchasing an additional 511 shares during the last quarter. Finally, Strs Ohio increased its position in shares of Chemung Financial by 7.7% in the 2nd quarter. Strs Ohio now owns 8,400 shares of the bank’s stock worth $406,000 after purchasing an additional 600 shares during the last quarter. 35.94% of the stock is currently owned by hedge funds and other institutional investors.

About Chemung Financial

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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