Chemung Financial (NASDAQ:CHMG) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Chemung Financial (NASDAQ:CHMG) from a hold rating to a strong-buy rating in a research note issued to investors on Monday,Zacks reports.

A number of other brokerages have also issued reports on CHMG. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. DA Davidson set a $96.00 price target on shares of Chemung Financial in a research report on Monday. Hovde Group began coverage on Chemung Financial in a research note on Monday, October 12th. They issued a “market perform” rating and a $88.00 price target for the company. Weiss Ratings downgraded Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday. Finally, UBS Group reissued an “outperform” rating on shares of Chemung Financial in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Chemung Financial has an average rating of “Moderate Buy” and a consensus price target of $88.75.

Chemung Financial Stock Performance

CHMG stock opened at $85.21 on Monday. Chemung Financial has a 52 week low of $50.05 and a 52 week high of $86.65. The company’s 50-day simple moving average is $82.29 and its 200 day simple moving average is $69.87.

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

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, September 17th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%.

Insider Buying and Selling

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 shares were 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 $431,194. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Chemung Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the company. 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 Chemung Financial during the second quarter valued at approximately $301,000. Algert Global LLC bought a new stake in Chemung Financial during the second quarter worth $494,000. Hsbc Holdings PLC lifted its stake in Chemung Financial by 34.4% during the fourth quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank’s stock worth $1,021,000 after purchasing an additional 4,719 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Chemung Financial during the second quarter worth $1,058,000. Institutional investors own 47.50% of the company’s stock.

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 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.