Chemung Financial (NASDAQ:CHMG) Stock Bumped Up to Strong-Buy by DA Davidson

DA Davidson upgraded shares of Chemung Financial (NASDAQ:CHMG) to a strong-buy rating in a research report report published on Monday morning,Zacks reports.

Several other equities research analysts also recently commented on CHMG. Raymond James Financial initiated coverage on Chemung Financial in a report on Tuesday, September 1st. They set an “outperform” rating and a $87.00 target price on the stock. 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. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Keefe, Bruyette & Woods upped 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. Finally, Zacks Research downgraded shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.67.

Chemung Financial Stock Down 0.5%

Shares of NASDAQ CHMG opened at $81.34 on Monday. The stock has a fifty day moving average price of $82.29 and a 200 day moving average price of $71.88. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Chemung Financial has a 12-month low of $49.82 and a 12-month high of $86.00. The company has a market cap of $392.06 million, a P/E ratio of 11.69 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $30.52 million. Research analysts anticipate that Chemung Financial will post 7.54 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently disclosed 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 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. Chemung Financial’s dividend payout ratio is presently 20.69%.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the transaction, the executive vice president directly owned 5,164 shares of the company’s stock, valued at approximately $431,194. The trade was a 49.98% decrease in their position. The transaction was disclosed in a filing 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

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $29,197,000. The Manufacturers Life Insurance Company acquired a new position in Chemung Financial during the 2nd quarter valued at approximately $12,098,000. Wellington Management Group LLP bought a new position in Chemung Financial during the 2nd quarter worth $2,347,000. Empowered Funds LLC bought a new position in Chemung Financial during the 2nd quarter worth $2,010,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Chemung Financial in the second quarter worth $1,981,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.