Chemung Financial (CHMG) Upgraded to Hold by Zacks Investment Research

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Zacks Investment Research upgraded shares of Chemung Financial (NASDAQ:CHMG) from a sell rating to a hold rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “CHEMUNG FINANCIAL CORP. is a bank holding company, engaged thru the bank in full-service commercial and consumer banking and trust business. “

Several other equities analysts have also recently issued reports on CHMG. ValuEngine upgraded Chemung Financial from a sell rating to a hold rating in a research report on Monday, February 4th. Sandler O’Neill cut Chemung Financial from a buy rating to a hold rating in a research report on Monday, April 22nd.

CHMG opened at $46.79 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $231.23 million, a price-to-earnings ratio of 12.31 and a beta of 0.15. Chemung Financial has a 52 week low of $36.87 and a 52 week high of $53.99.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a return on equity of 10.95% and a net margin of 22.32%. The business had revenue of $20.09 million for the quarter, compared to analyst estimates of $20.32 million. On average, equities research analysts expect that Chemung Financial will post 3.82 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, June 14th. Chemung Financial’s payout ratio is 27.37%.

In other Chemung Financial news, Director Jeffrey B. Streeter bought 594 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average price of $47.11 per share, for a total transaction of $27,983.34. Following the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $47,110. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 638 shares of company stock worth $30,730 in the last quarter. 18.98% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. BNP Paribas Arbitrage SA grew its holdings in shares of Chemung Financial by 655.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock worth $33,000 after acquiring an additional 610 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in shares of Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after acquiring an additional 1,325 shares during the period. Ramsey Quantitative Systems grew its holdings in shares of Chemung Financial by 29.4% in the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after acquiring an additional 757 shares during the period. Marshall Wace LLP acquired a new stake in shares of Chemung Financial in the 1st quarter worth approximately $185,000. Finally, Bank of America Corp DE grew its holdings in shares of Chemung Financial by 10.8% in the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after acquiring an additional 457 shares during the period. Institutional investors own 35.72% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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