Chemung Financial Corp. (NASDAQ:CHMG) has been given an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Chemung Financial’s rating score has declined by 100% in the last three months as a result of various analysts’ ratings changes.
Analysts have set a 1 year consensus price objective of $45.50 for the company and are anticipating that the company will post $1.03 earnings per share for the current quarter, according to Zacks. Zacks has also given Chemung Financial an industry rank of 148 out of 257 based on the ratings given to its competitors.
Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a report on Wednesday, November 28th. ValuEngine downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, FIG Partners started coverage on shares of Chemung Financial in a research note on Friday, September 28th. They issued a “hold” rating and a $47.00 target price for the company.
In other news, Director G. Thomas Jr. Tranter bought 850 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The stock was acquired at an average cost of $42.50 per share, for a total transaction of $36,125.00. Following the purchase, the director now owns 21,066 shares of the company’s stock, valued at approximately $895,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 20.63% of the company’s stock.
A number of large investors have recently modified their holdings of CHMG. BlackRock Inc. lifted its stake in Chemung Financial by 10.9% in the 2nd quarter. BlackRock Inc. now owns 162,691 shares of the bank’s stock valued at $8,152,000 after purchasing an additional 15,974 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Chemung Financial by 69.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 36,569 shares of the bank’s stock valued at $1,552,000 after purchasing an additional 15,001 shares during the last quarter. Vanguard Group Inc. lifted its stake in Chemung Financial by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 149,786 shares of the bank’s stock valued at $6,356,000 after purchasing an additional 14,165 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Chemung Financial by 14.8% in the 3rd quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock valued at $2,994,000 after purchasing an additional 9,075 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Chemung Financial in the 2nd quarter valued at about $322,000. Institutional investors and hedge funds own 34.45% of the company’s stock.
Shares of NASDAQ CHMG opened at $43.35 on Wednesday. The stock has a market capitalization of $214.00 million, a PE ratio of 16.49 and a beta of -0.03. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.91 and a quick ratio of 0.91. Chemung Financial has a fifty-two week low of $39.01 and a fifty-two week high of $56.83.
Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Thursday, October 18th. The bank reported $1.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.18. The company had revenue of $22.46 million during the quarter, compared to analysts’ expectations of $20.81 million. Chemung Financial had a return on equity of 8.58% and a net margin of 13.51%. As a group, sell-side analysts forecast that Chemung Financial will post 3.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Wednesday, December 19th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, December 18th. This represents a $1.04 annualized dividend and a yield of 2.40%. Chemung Financial’s dividend payout ratio (DPR) is currently 46.22%.
About Chemung Financial
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
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