Chemung Financial (NASDAQ:CHMG)‘s stock had its “neutral” rating reaffirmed by research analysts at DA Davidson in a research report issued to clients and investors on Wednesday, Zacks.com reports. DA Davidson also issued estimates for Chemung Financial’s Q3 2019 earnings at $1.02 EPS, FY2019 earnings at $3.93 EPS and FY2020 earnings at $4.01 EPS.

A number of other analysts also recently issued reports on CHMG. ValuEngine downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a report on Wednesday, July 17th. Zacks Investment Research raised shares of Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, June 3rd. Finally, Janney Montgomery Scott raised shares of Chemung Financial from a “neutral” rating to a “buy” rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Chemung Financial presently has a consensus rating of “Hold” and a consensus target price of $45.33.

CHMG stock traded down $0.51 during trading on Wednesday, hitting $44.15. 9,674 shares of the stock traded hands, compared to its average volume of 5,663. Chemung Financial has a 1 year low of $36.87 and a 1 year high of $51.00. The firm’s 50 day moving average is $41.86 and its two-hundred day moving average is $46.02. The stock has a market cap of $213.09 million, a price-to-earnings ratio of 11.62 and a beta of 0.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Monday, July 22nd. The bank reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.01. Chemung Financial had a net margin of 24.94% and a return on equity of 11.97%. The company had revenue of $20.19 million for the quarter, compared to the consensus estimate of $20.59 million. As a group, analysts anticipate that Chemung Financial will post 3.92 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bowling Portfolio Management LLC purchased a new position in shares of Chemung Financial in the second quarter worth approximately $1,314,000. Vanguard Group Inc. boosted its holdings in shares of Chemung Financial by 12.5% in the second quarter. Vanguard Group Inc. now owns 168,967 shares of the bank’s stock worth $8,168,000 after buying an additional 18,764 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Chemung Financial by 9.8% in the second quarter. BlackRock Inc. now owns 182,408 shares of the bank’s stock worth $8,818,000 after buying an additional 16,327 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Chemung Financial by 653.0% in the second quarter. Public Employees Retirement System of Ohio now owns 9,186 shares of the bank’s stock worth $444,000 after buying an additional 7,966 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Chemung Financial by 8.4% in the second quarter. Renaissance Technologies LLC now owns 81,388 shares of the bank’s stock worth $3,934,000 after buying an additional 6,288 shares during the last quarter. 35.94% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

Further Reading: Return on Investment (ROI)

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