Chemung Financial (NASDAQ:CHMG) Rating Lowered to “Hold” at Wall Street Zen

Chemung Financial (NASDAQ:CHMG) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued reports about the company. DA Davidson assumed coverage on Chemung Financial in a research report on Monday, September 28th. They set a “buy” rating and a $95.00 target price on the stock. Raymond James Financial began coverage on Chemung Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price target for the company. Zacks Research downgraded shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Keefe, Bruyette & Woods upped their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.67.

Chemung Financial Stock Performance

Shares of CHMG opened at $81.93 on Friday. The stock has a fifty day moving average of $82.55 and a two-hundred day moving average of $72.47. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market capitalization of $394.90 million, a PE ratio of 11.77 and a beta of 0.58. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $86.00.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. The company had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. As a group, analysts forecast that Chemung Financial will post 7.54 EPS for the current year.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction on 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 owned 5,164 shares in the company, valued at approximately $431,194. This trade represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in shares of Chemung Financial in the 2nd quarter valued at about $28,000. Deutsche Bank AG purchased a new stake in shares of Chemung Financial during the 2nd quarter worth about $301,000. Algert Global LLC acquired a new stake in Chemung Financial during the 2nd quarter worth approximately $494,000. Hsbc Holdings PLC increased its position in Chemung Financial by 34.4% during the 4th quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank’s stock worth $1,021,000 after purchasing an additional 4,719 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in Chemung Financial in the second quarter valued at approximately $1,058,000. 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, businesses, municipalities and nonprofit organizations.

The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.