Chemung Financial (NASDAQ:CHMG) Stock Rating Cut to “Hold” at Wall Street Zen

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

A number of other equities analysts also recently commented on the stock. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods lifted 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 note on Tuesday, July 28th. DA Davidson initiated coverage on Chemung Financial in a report on Monday, September 28th. They issued a “buy” rating and a $95.00 price target for the company. Raymond James Financial assumed coverage on Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price objective on the stock. Finally, Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.67.

Chemung Financial Stock Up 1.6%

Shares of CHMG opened at $81.93 on Friday. The firm has a fifty day moving average price of $82.55 and a 200-day moving average price of $72.33. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $394.90 million, a P/E ratio of 11.77 and a beta of 0.58. Chemung Financial has a 12-month low of $49.82 and a 12-month high of $86.00.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping the consensus estimate of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The company had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. Equities research analysts expect that Chemung Financial will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th were given a dividend of $0.36 per share. This is a positive change 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 1.8%. Chemung Financial’s payout ratio is 20.69%.

Insider Buying and Selling

In other 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 value of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares in the company, valued at approximately $431,194. The trade was a 49.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CHMG. Legal & General Group Plc purchased a new position in Chemung Financial during the second quarter valued at approximately $28,000. Deutsche Bank AG purchased a new stake in Chemung Financial during the second quarter worth $301,000. Algert Global LLC purchased a new stake in Chemung Financial during the second quarter worth $494,000. Hsbc Holdings PLC boosted its position in Chemung Financial by 34.4% during the 4th quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank’s stock valued at $1,021,000 after acquiring an additional 4,719 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Chemung Financial during the 2nd quarter valued at $1,058,000. 47.50% of the stock is currently owned by institutional investors.

About Chemung Financial

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, businesses, municipalities and nonprofit organizations.

The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.