Chemung Financial (NASDAQ:CHMG) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Chemung Financial (NASDAQ:CHMG) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

Other analysts have also issued reports about the stock. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Chemung Financial 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 $82.68 on Friday. Chemung Financial has a 52-week low of $49.82 and a 52-week high of $85.00. 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 firm has a market capitalization of $398.52 million, a P/E ratio of 11.88 and a beta of 0.58. The stock has a 50 day moving average price of $77.57 and a 200 day moving average price of $67.21.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The company had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. As a group, sell-side analysts predict that Chemung Financial will post 7.39 earnings per share for the current year.

Chemung Financial Increases Dividend

The company 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 $0.36 dividend. This is a boost 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 is presently 19.54%.

Institutional Trading of Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. Wellington Management Group LLP purchased a new position in shares of Chemung Financial in the 2nd quarter worth approximately $2,347,000. Empowered Funds LLC purchased a new stake in Chemung Financial during the second quarter valued at approximately $2,010,000. Bank of America Corp DE acquired a new stake in Chemung Financial in the second quarter valued at approximately $1,058,000. Hsbc Holdings PLC acquired a new stake in Chemung Financial in the second quarter valued at approximately $1,272,000. Finally, Legal & General Group Plc acquired a new stake in Chemung Financial in the second quarter valued at approximately $28,000. 47.50% of the stock is currently owned by 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.