Chemung Financial (NASDAQ:CHMG) Stock Rating Upgraded by Wall Street Zen

Chemung Financial (NASDAQ:CHMG) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Other research analysts have also issued reports about the company. Zacks Research lowered Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research report on Monday, December 22nd. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $54.50.

Chemung Financial Trading Up 0.4%

Shares of NASDAQ:CHMG opened at $55.25 on Friday. 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’s 50-day moving average is $53.22 and its 200-day moving average is $52.05. The company has a market cap of $264.65 million, a P/E ratio of 19.95 and a beta of 0.49. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $60.80.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a return on equity of 11.28% and a net margin of 9.58%.The business had revenue of $25.71 million during the quarter. Equities research analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jeffrey B. Streeter bought 2,184 shares of Chemung Financial stock in a transaction that occurred on Wednesday, October 29th. The stock was purchased at an average cost of $51.92 per share, with a total value of $113,393.28. Following the completion of the transaction, the director directly owned 32,726 shares in the company, valued at $1,699,133.92. This trade represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. Police & Firemen s Retirement System of New Jersey bought a new stake in Chemung Financial in the second quarter valued at about $36,000. Tower Research Capital LLC TRC boosted its holdings in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after purchasing an additional 563 shares during the period. Finally, PNC Financial Services Group Inc. acquired a new position in shares of Chemung Financial in the 2nd quarter worth approximately $67,000. 47.50% of the stock is owned by institutional investors.

About Chemung Financial

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.