Chemung Financial (NASDAQ:CHMG) Upgraded at Zacks Research

Chemung Financial (NASDAQ:CHMG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Keefe, Bruyette & Woods lifted their price target on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chemung Financial in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.00.

Chemung Financial Stock Up 0.3%

Shares of CHMG stock opened at $59.20 on Tuesday. Chemung Financial has a 1 year low of $41.52 and a 1 year high of $65.50. The stock has a market cap of $285.34 million, a PE ratio of 18.85 and a beta of 0.45. The business’s fifty day moving average is $56.56 and its 200-day moving average is $54.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Monday, January 26th. The bank reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.01. Chemung Financial had a return on equity of 11.58% and a net margin of 10.73%.The company had revenue of $30.52 million for the quarter, compared to analysts’ expectations of $29.48 million. Equities analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert H. Dalrymple sold 2,833 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $56.56, for a total transaction of $160,234.48. Following the completion of the sale, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel D. Fariello sold 748 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the sale, the insider owned 7,110 shares in the company, valued at $434,634.30. This represents a 9.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,823 shares of company stock valued at $220,860 over the last 90 days. 12.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently made changes to their positions in CHMG. Tower Research Capital LLC TRC raised its holdings in shares of Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after acquiring an additional 426 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after acquiring an additional 412 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after acquiring an additional 563 shares during the period. CWM LLC raised its holdings in shares of Chemung Financial by 168.1% during the third quarter. CWM LLC now owns 1,630 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,022 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Chemung Financial by 50.0% during the third quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock valued at $108,000 after acquiring an additional 688 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

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.