Chemung Financial Corp (NASDAQ:CHMG) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Shares of Chemung Financial Corp (NASDAQ:CHMG) have been given a consensus rating of “Moderate Buy” by the five research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $87.67.

Several research firms have recently weighed in on CHMG. DA Davidson set a $95.00 price objective on Chemung Financial and gave the company a “buy” rating in a report on Monday. Raymond James Financial assumed coverage on shares of Chemung Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 target price on the stock. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, August 30th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th.

Insider Activity at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the sale, the executive vice president directly owned 5,164 shares of the company’s stock, valued at approximately $431,194. This represents a 49.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hudock Inc. purchased a new stake in shares of Chemung Financial during the second quarter worth about $1,634,000. Wellington Management Group LLP acquired a new stake in Chemung Financial during the second quarter worth approximately $2,347,000. Empowered Funds LLC acquired a new stake in Chemung Financial during the second quarter worth approximately $2,010,000. Bank of America Corp DE purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $1,058,000. Finally, Hsbc Holdings PLC purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $1,272,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Stock Down 0.5%

Shares of Chemung Financial stock traded down $0.44 during trading hours on Tuesday, reaching $81.29. 20,785 shares of the company were exchanged, compared to its average volume of 35,760. The firm has a market cap of $391.80 million, a PE ratio of 11.68 and a beta of 0.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. Chemung Financial has a 1 year low of $49.82 and a 1 year high of $86.00. The stock’s fifty day moving average is $82.20 and its 200 day moving average is $71.69.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 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 company had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. As a group, equities research analysts forecast that Chemung Financial will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be given a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.8%. Chemung Financial’s dividend payout ratio (DPR) is currently 20.69%.

About Chemung Financial

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, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.