Shares of Chemung Financial Corp. (NASDAQ:CHMG) have been given a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a hold rating and one has given a strong buy rating to the company.
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 189 out of 256 based on the ratings given to its competitors.
Several research firms have weighed in on CHMG. Zacks Investment Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, November 28th. ValuEngine lowered Chemung Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, FIG Partners started coverage on Chemung Financial in a report on Friday, September 28th. They set a “hold” rating and a $47.00 target price on the stock.
Shares of CHMG opened at $40.77 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $199.00 million, a PE ratio of 18.12 and a beta of 0.04. Chemung Financial has a 52-week low of $36.87 and a 52-week high of $53.99.
Chemung Financial (NASDAQ:CHMG) last released its earnings results on Thursday, October 18th. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.18. The business had revenue of $22.46 million for the quarter, compared to analysts’ expectations of $20.81 million. Chemung Financial had a net margin of 13.51% and a return on equity of 8.58%. On average, equities research analysts forecast that Chemung Financial will post 3.47 EPS for the current fiscal year.
The firm also recently announced a dividend, which was paid on Monday, December 31st. Investors of record on Wednesday, December 19th were paid a $0.26 dividend. The ex-dividend date was Tuesday, December 18th. Chemung Financial’s payout ratio is presently 46.22%.
In other news, Director G. Thomas Jr. Tranter acquired 850 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average cost of $42.50 per share, for a total transaction of $36,125.00. Following the acquisition, the director now directly owns 21,066 shares in the company, valued at $895,305. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 20.63% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc increased its position in shares of Chemung Financial by 10.4% during the third quarter. Vanguard Group Inc now owns 149,786 shares of the bank’s stock worth $6,356,000 after acquiring an additional 14,165 shares during the period. Vanguard Group Inc. increased its holdings in Chemung Financial by 10.4% in the third quarter. Vanguard Group Inc. now owns 149,786 shares of the bank’s stock valued at $6,356,000 after buying an additional 14,165 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Chemung Financial by 14.8% in the third quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock valued at $2,994,000 after buying an additional 9,075 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Chemung Financial by 69.6% in the third 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 period. Finally, BlackRock Inc. boosted its position in Chemung Financial by 2.5% during the third quarter. BlackRock Inc. now owns 166,817 shares of the bank’s stock worth $7,077,000 after acquiring an additional 4,126 shares during the last quarter. Hedge funds and other institutional investors own 34.45% of the company’s stock.
Chemung Financial Company Profile
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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