Chemung Financial Corp (CHMG) – What Are Researchers Saying About This Stock?

Shares of Chemung Financial Corp (NASDAQ:CHMG) have been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $88.75.

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings lowered Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Chemung Financial in a research note on Tuesday. UBS Group reiterated an “outperform” rating on shares of Chemung Financial in a research report on Tuesday. Finally, DA Davidson set a $96.00 price objective on shares of Chemung Financial in a report on Monday.

Insider Activity

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

Hedge Funds Weigh In On Chemung Financial

A number of large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in Chemung Financial in the 2nd quarter valued at approximately $1,058,000. Bank of New York Mellon Corp acquired a new position in Chemung Financial during the 2nd quarter worth approximately $1,149,000. Hudock Inc. acquired a new position in Chemung Financial during the 2nd quarter worth approximately $1,634,000. BlackRock Inc. bought a new position in shares of Chemung Financial during the 2nd quarter worth approximately $29,197,000. Finally, Wellington Management Group LLP bought a new position in shares of Chemung Financial during the 2nd quarter worth approximately $2,347,000. Institutional investors own 47.50% of the company’s stock.

Chemung Financial Stock Performance

CHMG stock opened at $86.27 on Friday. The business’s fifty day moving average is $82.52 and its 200-day moving average is $70.36. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The company has a market cap of $415.82 million, a P/E ratio of 10.82 and a beta of 0.58. Chemung Financial has a twelve month low of $50.05 and a twelve month high of $87.99.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.67. Chemung Financial had a return on equity of 14.64% and a net margin of 23.36%. The business had revenue of $31.98 million for the quarter, compared to analyst estimates of $31.87 million. Equities research analysts forecast that Chemung Financial will post 8.21 EPS for the current year.

Chemung Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were given a $0.36 dividend. The ex-dividend date was Thursday, September 17th. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s payout ratio is presently 18.07%.

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 municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York’s Southern Tier.