Chemung Financial (NASDAQ:CHMG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Chemung Financial (NASDAQ:CHMG) from a hold rating to a buy rating in a research report report published on Sunday,Wall Street Zen reports.

CHMG has been the topic of a number of other reports. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $84.00.

Chemung Financial Stock Performance

Chemung Financial stock opened at $79.89 on Friday. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $85.00. The company has a market capitalization of $385.07 million, a price-to-earnings ratio of 11.48 and a beta of 0.58. The stock has a fifty day moving average of $78.99 and a two-hundred day moving average of $68.16. 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 (NASDAQ:CHMG) last posted 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. The business had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. On average, analysts anticipate that Chemung Financial will post 7.39 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be paid a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This is an increase 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 payout ratio is currently 19.54%.

Institutional Trading of Chemung Financial

A number of hedge funds have recently added to or reduced their stakes in CHMG. PL Capital Advisors LLC boosted its position in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after acquiring an additional 50,209 shares during the last quarter. Rhino Investment Partners Inc increased its position in Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock worth $1,134,000 after purchasing an additional 14,440 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial during the second quarter worth approximately $1,981,000. Hsbc Holdings PLC purchased a new position in Chemung Financial during the second quarter worth approximately $1,272,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Chemung Financial during the second quarter worth approximately $12,098,000. 47.50% of the stock is owned by institutional investors and hedge funds.

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.