Chemung Financial (NASDAQ:CHMG) Stock Lifted to Buy by 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.

Several other research firms have also issued reports on CHMG. Weiss Ratings lowered shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Hovde Group assumed coverage on Chemung Financial in a research report on Monday, October 12th. They set a “market perform” rating and a $88.00 price objective for the company. Raymond James Financial reissued an “outperform” rating and set a $90.00 price objective on shares of Chemung Financial in a research note on Tuesday. UBS Group reissued an “outperform” rating on shares of Chemung Financial in a research note on Tuesday. Finally, DA Davidson set a $96.00 target price on Chemung Financial in a report on Monday, October 26th. One 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 company’s stock. According to data from MarketBeat, Chemung Financial currently has a consensus rating of “Moderate Buy” and an average target price of $88.75.

Chemung Financial Stock Performance

Shares of CHMG opened at $86.27 on Friday. The firm’s 50 day moving average is $82.52 and its 200-day moving average is $70.36. The stock has a market capitalization of $415.82 million, a P/E ratio of 10.82 and a beta of 0.58. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. Chemung Financial has a 12-month low of $50.05 and a 12-month high of $87.99.

Chemung Financial (NASDAQ:CHMG) last released its 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. 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 for the quarter, compared to the consensus estimate of $31.87 million. Equities research analysts anticipate that Chemung Financial will post 8.21 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. 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. Chemung Financial’s payout ratio is 18.07%.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction that occurred on 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 in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 12.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Legal & General Group Plc acquired a new stake in shares of Chemung Financial in the second quarter worth $28,000. Deutsche Bank AG purchased a new position in shares of Chemung Financial during the second quarter valued at $301,000. Algert Global LLC acquired a new position in Chemung Financial during the second quarter valued at $494,000. Hsbc Holdings PLC raised its position in Chemung Financial by 34.4% during the fourth quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank’s stock valued at $1,021,000 after buying an additional 4,719 shares during the period. Finally, Bank of America Corp DE acquired a new position in Chemung Financial during the second quarter valued at $1,058,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

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, 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.