Chemung Financial (NASDAQ:CHMG) Raised to “Strong-Buy” at DA Davidson

Chemung Financial (NASDAQ:CHMG) was upgraded by research analysts at DA Davidson to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other equities research analysts have also recently issued reports on 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 cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Raymond James Financial initiated coverage on shares of Chemung Financial in a report on Tuesday, September 1st. They set an “outperform” rating and a $87.00 price target for the company. Finally, Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, August 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.67.

Chemung Financial Stock Down 0.5%

Chemung Financial stock opened at $81.34 on Monday. The firm has a market capitalization of $392.06 million, a price-to-earnings ratio of 11.69 and a beta of 0.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $86.00. The stock’s fifty day moving average is $82.29 and its two-hundred day moving average is $71.88.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. The firm had revenue of $31.17 million for the quarter, compared to analysts’ expectations of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. Analysts predict that Chemung Financial will post 7.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the sale, the executive vice president owned 5,164 shares in the company, valued at $431,194. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 12.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Chemung Financial during the second quarter worth $28,000. Hsbc Holdings PLC raised its position in shares of Chemung Financial by 6.1% during the 1st quarter. Hsbc Holdings PLC now owns 19,561 shares of the bank’s stock worth $1,074,000 after purchasing an additional 1,126 shares during the period. Dimensional Fund Advisors LP boosted its position in Chemung Financial by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares during the period. Deutsche Bank AG acquired a new stake in Chemung Financial in the second quarter worth $301,000. Finally, Algert Global LLC bought a new position in shares of Chemung Financial during the second quarter worth about $494,000. 47.50% of the stock is 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.