Wall Street Zen Upgrades Chemung Financial (NASDAQ:CHMG) to “Buy”

Chemung Financial (NASDAQ:CHMG) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. 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, 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, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Chemung Financial presently has a consensus rating of “Buy” and an average price target of $81.00.

Chemung Financial Stock Performance

NASDAQ CHMG opened at $81.07 on Friday. The company has a market cap of $390.76 million, a P/E ratio of 11.65 and a beta of 0.58. 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 business’s 50 day moving average price is $78.87 and its 200-day moving average price is $68.02. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $85.00.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. The company 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%. Sell-side analysts predict that Chemung Financial will post 7.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. PL Capital Advisors LLC raised its stake in shares of Chemung Financial by 84.9% during the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after acquiring an additional 50,209 shares in the last quarter. Rhino Investment Partners Inc boosted its holdings in shares of Chemung Financial by 217.8% in the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock valued at $1,134,000 after purchasing an additional 14,440 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Chemung Financial in the second quarter worth approximately $1,981,000. The Manufacturers Life Insurance Company purchased a new position in Chemung Financial during the 2nd quarter worth $12,098,000. Finally, Algert Global LLC purchased a new position in Chemung Financial during the 2nd quarter worth $494,000. 47.50% of the stock is currently owned by 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.