Zacks Research Downgrades Chemung Financial (NASDAQ:CHMG) to Strong Sell

Chemung Financial (NASDAQ:CHMG) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on the company. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Chemung Financial in a report on Monday, November 24th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $54.50.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $53.59 on Wednesday. Chemung Financial has a fifty-two week low of $40.71 and a fifty-two week high of $55.73. The stock’s 50-day moving average is $51.68 and its two-hundred day moving average is $50.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $256.70 million, a P/E ratio of 19.35 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. The firm had revenue of $25.71 million for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. Analysts predict that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 2,184 shares of the stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $51.92 per share, with a total value of $113,393.28. Following the acquisition, the director directly owned 32,726 shares of the company’s stock, valued at $1,699,133.92. This represents a 7.15% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.41% of the stock is currently owned by company insiders.

Institutional Trading of Chemung Financial

Several institutional investors have recently made changes to their positions in CHMG. Police & Firemen s Retirement System of New Jersey bought a new position in Chemung Financial during the second quarter worth about $36,000. Tower Research Capital LLC TRC grew its stake in shares of Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after buying an additional 412 shares during the period. BNP Paribas Financial Markets boosted its stake in Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after buying an additional 563 shares in the last quarter. Finally, PNC Financial Services Group Inc. bought a new stake in Chemung Financial in the second quarter valued at $67,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.