Chemung Financial (NASDAQ:CHMG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Chemung Financial (NASDAQ:CHMG) from a hold rating to a buy rating in a report published on Saturday,Wall Street Zen reports.

Other research analysts have also issued reports about the stock. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, October 26th. Weiss Ratings lowered shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. UBS Group reissued an “outperform” rating on shares of Chemung Financial in a research note on Tuesday, October 27th. Finally, Hovde Group began coverage on shares of Chemung Financial in a report on Monday, October 12th. They issued a “market perform” rating and a $88.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Chemung Financial presently has a consensus rating of “Moderate Buy” and an average price target of $88.75.

Chemung Financial Price Performance

CHMG opened at $87.42 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. Chemung Financial has a 52-week low of $50.05 and a 52-week high of $89.27. The stock has a market capitalization of $421.36 million, a PE ratio of 10.97 and a beta of 0.58. The stock’s 50 day moving average price is $82.62 and its 200-day moving average price is $70.52.

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

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were given a dividend of $0.36 per share. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $1.44 dividend on an annualized basis and a yield of 1.6%. Chemung Financial’s dividend payout ratio is 18.07%.

Insider Buying and Selling

In related news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the sale, the executive vice president owned 5,164 shares of the company’s stock, valued at $431,194. The trade was a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Chemung Financial

Large investors have recently made changes to their positions in the business. Hudock Inc. purchased a new stake in shares of Chemung Financial in the second quarter worth $1,634,000. Wellington Management Group LLP bought a new position in shares of Chemung Financial during the second quarter valued at $2,347,000. Empowered Funds LLC bought a new position in shares of Chemung Financial during the second quarter valued at $2,010,000. Bank of America Corp DE purchased a new position in shares of Chemung Financial in the 2nd quarter worth about $1,058,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Chemung Financial in the 2nd quarter worth about $1,272,000. 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 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.