Chemung Financial (NASDAQ:CHMG) Raised to “Moderate Buy” at Raymond James Financial

Chemung Financial (NASDAQ:CHMG) was upgraded by equities research analysts at Raymond James Financial to a “moderate buy” rating in a report issued on Tuesday, Marketbeat reports.

CHMG has been the subject of a number of other research reports. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $84.00.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $83.90 on Tuesday. The firm has a 50-day moving average of $79.18 and a two-hundred day moving average of $68.32. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The stock has a market cap of $404.40 million, a P/E ratio of 12.05 and a beta of 0.57. Chemung Financial has a 1-year low of $49.82 and a 1-year high of $85.00.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share 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 analyst estimates of $30.52 million. On average, research analysts expect that Chemung Financial will post 7.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. PL Capital Advisors LLC lifted its holdings in Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares during the last quarter. Rhino Investment Partners Inc grew its holdings in shares of Chemung Financial by 217.8% during 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 last quarter. BlackRock Inc. acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $29,197,000. Hsbc Holdings PLC acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $1,272,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Chemung Financial in the 2nd quarter worth approximately $1,981,000. Institutional investors 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.