Chemung Financial (NASDAQ:CHMG) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Chemung Financial (NASDAQ:CHMG) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks reports.

Other equities research analysts have also issued research reports about the company. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a report on Sunday, August 30th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Raymond James Financial assumed coverage on shares of Chemung Financial in a research report on Tuesday, September 1st. They set an “outperform” rating and a $87.00 target price for the company. Finally, Keefe, Bruyette & Woods lifted their target price 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. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Chemung Financial has a consensus rating of “Moderate Buy” and an average target price of $84.00.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $81.97 on Monday. The stock has a fifty day simple moving average of $81.79 and a two-hundred day simple moving average of $70.92. Chemung Financial has a 1-year low of $49.82 and a 1-year high of $86.00. The firm has a market cap of $395.10 million, a price-to-earnings ratio of 11.78 and a beta of 0.57. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Analysts anticipate that Chemung Financial will post 7.54 earnings per share for the current year.

Chemung Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be paid a $0.36 dividend. The ex-dividend date is Thursday, September 17th. This represents a $1.44 annualized dividend and a yield of 1.8%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio is currently 20.69%.

Insider Buying and Selling

In other news, EVP Loren Cole sold 5,160 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the completion of the transaction, the executive vice president directly owned 5,164 shares in the company, valued at $431,194. The trade was a 49.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new stake in shares of Chemung Financial in the second quarter worth about $28,000. LSV Asset Management raised its position in Chemung Financial by 7.6% during the 4th quarter. LSV Asset Management now owns 14,421 shares of the bank’s stock valued at $805,000 after purchasing an additional 1,021 shares during the last quarter. Hsbc Holdings PLC raised its position in Chemung Financial by 6.1% during the 1st quarter. Hsbc Holdings PLC now owns 19,561 shares of the bank’s stock valued at $1,074,000 after purchasing an additional 1,126 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock worth $9,787,000 after buying an additional 2,172 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $301,000. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.

The company’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.