Chemung Financial (NASDAQ:CHMG) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Chemung Financial (NASDAQ:CHMG) from a buy rating to a hold rating in a report published on Saturday.

Several other research analysts have also weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Chemung Financial in a report on Monday, November 24th. Zacks Research lowered Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $54.50.

Chemung Financial Stock Up 0.3%

Shares of NASDAQ CHMG opened at $53.48 on Friday. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $55.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $256.17 million, a P/E ratio of 19.31 and a beta of 0.49. The firm has a 50 day moving average price of $51.70 and a 200 day moving average price of $51.06.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. The company had revenue of $25.71 million for the quarter. Analysts expect that Chemung Financial will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 19th will be issued a dividend of $0.34 per share. The ex-dividend date is Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. Chemung Financial’s dividend payout ratio (DPR) is presently 49.10%.

Insider Transactions at Chemung Financial

In other news, Director Jeffrey B. Streeter bought 2,184 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $51.92 per share, for a total transaction of $113,393.28. Following the purchase, the director owned 32,726 shares of the company’s stock, valued at approximately $1,699,133.92. The trade was a 7.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. PL Capital Advisors LLC boosted its holdings in Chemung Financial by 890.1% during the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank’s stock worth $3,105,000 after purchasing an additional 53,155 shares during the last quarter. Empower Advisory Group LLC acquired a new stake in Chemung Financial in the 2nd quarter valued at $802,000. Fourthstone LLC bought a new stake in Chemung Financial during the 2nd quarter worth about $789,000. Geode Capital Management LLC boosted its stake in shares of Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after buying an additional 12,917 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Chemung Financial by 46.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank’s stock valued at $1,455,000 after acquiring an additional 9,717 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

About Chemung Financial

Chemung Financial Corporation operates as a bank 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.