Chemung Financial Corp (NASDAQ:CHMG) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of Chemung Financial Corp (NASDAQ:CHMG) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $87.75.

Several research firms have weighed in on CHMG. Raymond James Financial initiated coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price objective on the stock. Weiss Ratings lowered shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday. Wall Street Zen cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. Hovde Group began coverage on shares of Chemung Financial in a research note on Monday, October 12th. They issued a “market perform” rating and a $88.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped 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 note on Tuesday, July 28th.

Chemung Financial Stock Up 0.8%

Shares of CHMG traded up $0.65 during trading hours on Friday, reaching $83.88. The company’s stock had a trading volume of 75,190 shares, compared to its average volume of 70,818. The company has a 50 day moving average of $82.23 and a two-hundred day moving average of $75.24. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The firm has a market cap of $404.30 million, a price-to-earnings ratio of 10.52 and a beta of 0.58. Chemung Financial has a 1-year low of $50.05 and a 1-year high of $86.00.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $2.63 EPS for the quarter, topping the consensus estimate of $1.96 by $0.67. Chemung Financial had a net margin of 23.36% and a return on equity of 14.64%. The business had revenue of $31.98 million during the quarter, compared to analysts’ expectations of $31.87 million. As a group, research analysts predict that Chemung Financial will post 7.54 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend 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%. Chemung Financial’s payout ratio is 18.07%.

Insider Buying and Selling

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was 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 represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Chemung Financial in the 2nd quarter valued at approximately $29,197,000. The Manufacturers Life Insurance Company bought a new position in Chemung Financial during the second quarter valued at approximately $12,098,000. Dimensional Fund Advisors LP raised its position in Chemung Financial by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after acquiring an additional 2,172 shares in the last quarter. Wellington Management Group LLP bought a new position in Chemung Financial during the second quarter valued at approximately $2,347,000. Finally, Empowered Funds LLC acquired a new stake in Chemung Financial in the second quarter valued at approximately $2,010,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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.