Chemung Financial (NASDAQ:CHMG) Upgraded at Zacks Investment Research

Chemung Financial (NASDAQ:CHMG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday, 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. “

CHMG has been the topic of a number of other reports. ValuEngine upgraded shares of Chemung Financial from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 1st. DA Davidson downgraded shares of Chemung Financial from a “buy” rating to a “neutral” rating and raised their price target for the company from $32.00 to $37.00 in a research note on Thursday, October 22nd. Finally, TheStreet upgraded shares of Chemung Financial from a “c+” rating to a “b” rating in a research report on Friday, October 23rd.

CHMG stock opened at $35.13 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. Chemung Financial has a 12 month low of $21.75 and a 12 month high of $42.37. The firm has a market cap of $163.60 million, a P/E ratio of 9.32 and a beta of 0.06. The company’s 50-day moving average price is $34.06 and its two-hundred day moving average price is $31.42.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Monday, October 19th. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $0.67 by $0.52. Chemung Financial had a net margin of 21.06% and a return on equity of 9.54%. The firm had revenue of $21.21 million for the quarter, compared to analyst estimates of $20.20 million. Equities analysts predict that Chemung Financial will post 3.97 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CHMG. Marshall Wace LLP bought a new position in Chemung Financial during the 1st quarter worth approximately $185,000. Bank of America Corp DE raised its holdings in Chemung Financial by 34.2% during the 2nd quarter. Bank of America Corp DE now owns 2,754 shares of the bank’s stock worth $75,000 after purchasing an additional 702 shares during the last quarter. Private Advisor Group LLC raised its holdings in Chemung Financial by 8.4% during the 2nd quarter. Private Advisor Group LLC now owns 6,582 shares of the bank’s stock worth $180,000 after purchasing an additional 508 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Chemung Financial by 41.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 9,725 shares of the bank’s stock worth $265,000 after purchasing an additional 2,831 shares during the last quarter. Finally, QCI Asset Management Inc. NY bought a new position in Chemung Financial during the 3rd quarter worth approximately $419,000. Hedge funds and other institutional investors own 35.63% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.

Read More: Limitations to arbitrage trading

Get a free copy of the Zacks research report on Chemung Financial (CHMG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com