Chemung Financial (NASDAQ:CHMG) Raised to Buy at Wall Street Zen

Chemung Financial (NASDAQ:CHMG) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also recently issued reports on CHMG. Weiss Ratings restated a “hold (c)” rating on shares of Chemung Financial in a research report on Wednesday, October 8th. Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, August 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on Chemung Financial from $55.00 to $59.00 and gave the stock a “market perform” rating in a research report on Monday, July 21st. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Chemung Financial presently has a consensus rating of “Hold” and an average price target of $54.50.

Chemung Financial Stock Performance

Shares of Chemung Financial stock traded up $0.44 on Friday, reaching $50.79. 7,881 shares of the stock were exchanged, compared to its average volume of 5,831. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average price of $52.14 and a two-hundred day moving average price of $50.10. Chemung Financial has a twelve month low of $40.71 and a twelve month high of $55.73. The firm has a market capitalization of $243.28 million, a price-to-earnings ratio of 18.34 and a beta of 0.44.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Friday, July 25th. The bank reported $1.26 EPS for the quarter. The business had revenue of $25.71 million for the quarter. Chemung Financial had a return on equity of 11.52% and a net margin of 9.58%. Analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 2,184 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average cost of $51.92 per share, with a total value of $113,393.28. Following the purchase, the director owned 32,726 shares in the company, valued at approximately $1,699,133.92. This represents a 7.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 12.41% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Chemung Financial by 46.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank’s stock valued at $1,455,000 after buying an additional 9,717 shares during the period. Nuveen LLC acquired a new position in shares of Chemung Financial in the 1st quarter valued at about $228,000. American Century Companies Inc. raised its position in shares of Chemung Financial by 73.9% during the 1st quarter. American Century Companies Inc. now owns 17,323 shares of the bank’s stock worth $824,000 after purchasing an additional 7,364 shares during the period. Hsbc Holdings PLC lifted its stake in Chemung Financial by 45.7% in the first quarter. Hsbc Holdings PLC now owns 12,493 shares of the bank’s stock valued at $586,000 after buying an additional 3,921 shares during the last quarter. Finally, Trexquant Investment LP grew its holdings in Chemung Financial by 73.6% in the 1st quarter. Trexquant Investment LP now owns 15,132 shares of the bank’s stock worth $720,000 after buying an additional 6,417 shares in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.