Zacks: Chemung Financial Corp. (CHMG) Receives Consensus Rating of “Strong Buy” from Brokerages

Shares of Chemung Financial Corp. (NASDAQ:CHMG) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Zacks has also assigned Chemung Financial an industry rank of 202 out of 265 based on the ratings given to its competitors.

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CHMG has been the subject of a number of recent research reports. Sandler O’Neill raised Chemung Financial from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Tuesday, February 20th. ValuEngine lowered Chemung Financial from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, BidaskClub raised Chemung Financial from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 21st.

In other Chemung Financial news, Director G. Thomas Jr. Tranter purchased 1,250 shares of the stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $44.12 per share, with a total value of $55,150.00. Following the transaction, the director now directly owns 20,216 shares of the company’s stock, valued at approximately $891,929.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard W. Swan sold 6,240 shares of the company’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $40.75, for a total value of $254,280.00. Following the transaction, the director now directly owns 35,056 shares of the company’s stock, valued at approximately $1,428,532. The disclosure for this sale can be found here. Corporate insiders own 22.28% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Chemung Canal Trust Co. grew its holdings in shares of Chemung Financial by 8.7% during the 4th quarter. Chemung Canal Trust Co. now owns 431,685 shares of the bank’s stock worth $20,764,000 after acquiring an additional 34,451 shares during the period. Basswood Capital Management L.L.C. grew its holdings in shares of Chemung Financial by 8.6% during the 4th quarter. Basswood Capital Management L.L.C. now owns 167,715 shares of the bank’s stock worth $8,067,000 after acquiring an additional 13,235 shares during the period. Vanguard Group Inc. grew its holdings in shares of Chemung Financial by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 109,852 shares of the bank’s stock worth $4,491,000 after acquiring an additional 797 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Chemung Financial by 31.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,517 shares of the bank’s stock worth $471,000 after acquiring an additional 2,771 shares during the period. Finally, Nationwide Fund Advisors grew its holdings in shares of Chemung Financial by 58.0% during the 3rd quarter. Nationwide Fund Advisors now owns 5,177 shares of the bank’s stock worth $244,000 after acquiring an additional 1,900 shares during the period. Hedge funds and other institutional investors own 32.62% of the company’s stock.

Chemung Financial stock traded down $1.05 during midday trading on Monday, hitting $46.00. The stock had a trading volume of 12,006 shares, compared to its average volume of 3,050. Chemung Financial has a 12 month low of $36.01 and a 12 month high of $56.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $224.00, a price-to-earnings ratio of 29.68 and a beta of 0.17.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, March 5th. The bank reported $0.15 earnings per share for the quarter. Chemung Financial had a return on equity of 6.82% and a net margin of 9.22%. The company had revenue of $20.24 million during the quarter.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 19th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, March 16th. Chemung Financial’s payout ratio is 67.10%.

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Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG).

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