Chemung Financial (NASDAQ:CHMG) Rating Increased to Moderate Buy at Raymond James Financial

Chemung Financial (NASDAQ:CHMG) was upgraded by research analysts at Raymond James Financial to a “moderate buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports.

A number of other brokerages have also commented on CHMG. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Finally, Zacks Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $84.00.

Chemung Financial Stock Performance

CHMG opened at $83.90 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $79.18 and its two-hundred day moving average price is $68.32. Chemung Financial has a 1-year low of $49.82 and a 1-year high of $85.00. The company has a market cap of $404.40 million, a price-to-earnings ratio of 12.05 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The firm had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. On average, analysts expect that Chemung Financial will post 7.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. PL Capital Advisors LLC raised its stake in shares of Chemung Financial by 84.9% during the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after purchasing an additional 50,209 shares during the period. Rhino Investment Partners Inc grew its position in Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock valued at $1,134,000 after buying an additional 14,440 shares during the period. BlackRock Inc. purchased a new stake in Chemung Financial during the second quarter worth about $29,197,000. Hsbc Holdings PLC bought a new stake in Chemung Financial in the second quarter worth about $1,272,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the second quarter worth about $1,981,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.