Chemung Financial (NASDAQ:CHMG) Stock Rated Market Perform in New Coverage at Hovde Group

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

Several other analysts have also recently commented on the stock. Zacks Research cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Keefe, Bruyette & Woods raised their price objective on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. DA Davidson initiated coverage on Chemung Financial in a research report on Monday, September 28th. They set a “buy” rating and a $95.00 price objective for the company. Wall Street Zen cut Chemung Financial from a “buy” rating to a “hold” rating in a report on Saturday, October 3rd. Finally, Weiss Ratings upgraded Chemung Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $87.75.

Chemung Financial Price Performance

CHMG stock opened at $79.18 on Monday. Chemung Financial has a one year low of $49.82 and a one year high of $86.00. The company’s fifty day moving average price is $82.40 and its 200-day moving average price is $74.04. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market capitalization of $381.65 million, a PE ratio of 11.38 and a beta of 0.58.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. On average, equities analysts anticipate that Chemung Financial will post 7.54 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, September 17th. Chemung Financial’s payout ratio is 20.69%.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the sale, the executive vice president owned 5,164 shares in the company, valued at approximately $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Several institutional investors have recently bought and sold shares of CHMG. Hudock Inc. purchased a new stake in shares of Chemung Financial during the 2nd quarter valued at about $1,634,000. Wellington Management Group LLP purchased a new position in Chemung Financial in the second quarter worth about $2,347,000. Empowered Funds LLC purchased a new position in Chemung Financial in the second quarter worth about $2,010,000. Bank of America Corp DE purchased a new position in Chemung Financial in the second quarter worth about $1,058,000. Finally, Hsbc Holdings PLC bought a new stake in Chemung Financial during the second quarter worth approximately $1,272,000. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.