Zacks Research Upgrades Chemung Financial (NASDAQ:CHMG) to “Strong-Buy”

Chemung Financial (NASDAQ:CHMG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on CHMG. Wall Street Zen downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Friday, March 27th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Chemung Financial has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Chemung Financial Stock Performance

NASDAQ CHMG opened at $59.20 on Tuesday. The firm has a market capitalization of $285.34 million, a price-to-earnings ratio of 18.85 and a beta of 0.45. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm’s 50 day simple moving average is $56.56 and its 200 day simple moving average is $54.93. Chemung Financial has a 1 year low of $41.52 and a 1 year high of $65.50.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating the consensus estimate of $1.60 by $0.01. The business had revenue of $30.52 million during the quarter, compared to the consensus estimate of $29.48 million. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. As a group, research analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Chemung Financial

In other news, Director Robert H. Dalrymple sold 2,833 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $56.56, for a total transaction of $160,234.48. Following the completion of the transaction, the director owned 1,351 shares of the company’s stock, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel D. Fariello sold 748 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the transaction, the insider directly owned 7,110 shares of the company’s stock, valued at $434,634.30. The trade was a 9.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,823 shares of company stock valued at $220,860 in the last ninety days. Insiders own 12.41% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Several large investors have recently modified their holdings of CHMG. Tower Research Capital LLC TRC raised its stake in shares of Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after acquiring an additional 426 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after acquiring an additional 412 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after acquiring an additional 563 shares during the last quarter. CWM LLC raised its stake in shares of Chemung Financial by 168.1% during the third quarter. CWM LLC now owns 1,630 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,022 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Chemung Financial by 50.0% during the third quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock valued at $108,000 after acquiring an additional 688 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

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.