Chemung Financial (NASDAQ:CHMG) Rating Increased to Buy at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Chemung Financial (NASDAQ:CHMG – Free Report) from a hold rating to a buy rating in a research report sent to investors on Sunday.

CHMG has been the subject of a number of other research reports. Weiss Ratings upgraded Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Zacks Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Chemung Financial has an average rating of “Buy” and an average target price of $81.00.

View Our Latest Stock Report on Chemung Financial

Chemung Financial Price Performance

Shares of NASDAQ:CHMG opened at $81.60 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The business’s fifty day moving average price is $78.67 and its two-hundred day moving average price is $67.89. The stock has a market cap of $393.31 million, a PE ratio of 11.72 and a beta of 0.58. Chemung Financial has a one year low of $49.82 and a one year high of $85.00.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The company had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. On average, analysts forecast that Chemung Financial will post 7.39 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.36 per share. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.8%. The ex-dividend date is Thursday, September 17th. Chemung Financial’s payout ratio is currently 19.54%.

Hedge Funds Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in shares of Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock worth $129,000 after buying an additional 245 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after buying an additional 330 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Chemung Financial by 0.5% during the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock valued at $3,683,000 after buying an additional 350 shares during the period. Captrust Financial Advisors raised its holdings in shares of Chemung Financial by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock valued at $440,000 after buying an additional 372 shares during the period. Finally, Legal & General Group Plc acquired a new position in Chemung Financial during the 2nd quarter worth approximately $28,000. 47.50% of the stock is owned by institutional investors and hedge funds.

About Chemung Financial

(Get Free Report)

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.

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