Chemung Financial (NASDAQ:CHMG) Now Covered by Hovde Group

Hovde Group started coverage on shares of Chemung Financial (NASDAQ:CHMG) in a report published on Monday morning, MarketBeat reports. The firm issued a market perform rating and a $88.00 price objective on the bank’s stock.

Several other research analysts have also recently commented on CHMG. DA Davidson initiated coverage on shares of Chemung Financial in a research report on Monday, September 28th. They issued a “buy” rating and a $95.00 target price for the company. Wall Street Zen downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Raymond James Financial started coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price target for the company. Zacks Research cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Finally, Weiss Ratings upgraded shares of Chemung Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.75.

Chemung Financial Stock Up 0.4%

CHMG stock opened at $80.90 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $86.00. The firm’s 50-day simple moving average is $82.51 and its 200 day simple moving average is $73.67. The stock has a market cap of $389.94 million, a PE ratio of 11.62 and a beta of 0.58.

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

Chemung Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, September 17th. Chemung Financial’s payout ratio is currently 20.69%.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the completion of the transaction, the executive vice president owned 5,164 shares of the company’s stock, valued at $431,194. This trade represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CHMG. BlackRock Inc. acquired a new stake in Chemung Financial in the 2nd quarter valued at about $29,197,000. Dimensional Fund Advisors LP boosted its position in shares of Chemung Financial by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Chemung Financial during the 2nd quarter valued at about $12,098,000. Wellington Management Group LLP acquired a new position in shares of Chemung Financial in the 2nd quarter worth approximately $2,347,000. Finally, Empowered Funds LLC acquired a new position in shares of Chemung Financial in the 2nd quarter worth approximately $2,010,000. 47.50% of the stock is currently owned by institutional investors.

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.