Chemung Financial (NASDAQ:CHMG) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Chemung Financial (NASDAQ:CHMG) from a buy rating to a hold rating in a report released on Saturday.

A number of other equities research analysts have also weighed in on CHMG. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Finally, Zacks Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $81.00.

Chemung Financial Price Performance

Shares of CHMG stock opened at $82.58 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The company has a market capitalization of $398.04 million, a P/E ratio of 11.86 and a beta of 0.58. The company’s 50-day simple moving average is $77.81 and its two-hundred day simple moving average is $67.40. Chemung Financial has a one year low of $49.82 and a one year high of $85.00.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results 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. 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 the consensus estimate of $30.52 million. As a group, equities analysts anticipate that Chemung Financial will post 7.39 EPS for the current year.

Chemung Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be issued a dividend of $0.36 per share. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Thursday, September 17th. Chemung Financial’s dividend payout ratio (DPR) is currently 19.54%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc bought a new position in shares of Chemung Financial in the 2nd quarter worth $28,000. Tower Research Capital LLC TRC grew its stake in Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after purchasing an additional 412 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 108.1% in the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after purchasing an additional 563 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after purchasing an additional 330 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

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.