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 note released on Saturday.

Several other equities research analysts also recently issued reports on CHMG. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 22nd. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $54.50.

Chemung Financial Stock Performance

CHMG opened at $55.80 on Friday. Chemung Financial has a 1-year low of $40.71 and a 1-year high of $60.80. The company has a market cap of $267.28 million, a price-to-earnings ratio of 20.14 and a beta of 0.49. The company’s fifty day moving average price is $53.31 and its two-hundred day moving average price is $52.10. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, July 25th. The bank reported $1.26 EPS for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. The company had revenue of $25.71 million during the quarter. On average, analysts expect that Chemung Financial will post 5.38 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 19th will be paid a $0.34 dividend. The ex-dividend date is Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 2.4%. Chemung Financial’s payout ratio is presently 49.10%.

Insider Activity at Chemung Financial

In other news, Director Jeffrey B. Streeter purchased 2,184 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $51.92 per share, for a total transaction of $113,393.28. Following the purchase, the director owned 32,726 shares of the company’s stock, valued at $1,699,133.92. The trade was a 7.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Several institutional investors have recently added to or reduced their stakes in the business. PL Capital Advisors LLC increased its stake in shares of Chemung Financial by 890.1% in the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock worth $3,105,000 after purchasing an additional 53,155 shares in the last quarter. Empower Advisory Group LLC bought a new position in Chemung Financial in the 2nd quarter worth approximately $802,000. Fourthstone LLC bought a new position in Chemung Financial in the 2nd quarter worth approximately $789,000. Geode Capital Management LLC grew its stake in Chemung Financial by 16.1% in the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after buying an additional 12,917 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in Chemung Financial during the 2nd quarter valued at $441,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

About Chemung Financial

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.