Chemung Financial (NASDAQ:CHMG) Raised to Strong-Buy at DA Davidson

Chemung Financial (NASDAQ:CHMG) was upgraded by DA Davidson to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

CHMG has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, August 30th. Raymond James Financial started coverage on Chemung Financial in a research note on Tuesday, September 1st. They set an “outperform” rating and a $87.00 price target for the company. Finally, Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.67.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $81.34 on Monday. Chemung Financial has a one year low of $49.82 and a one year high of $86.00. 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 company has a 50 day moving average price of $82.29 and a 200 day moving average price of $71.88. The firm has a market capitalization of $392.06 million, a price-to-earnings ratio of 11.69 and a beta of 0.57.

Chemung Financial (NASDAQ:CHMG) last posted 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. The company had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. Sell-side analysts anticipate that Chemung Financial will post 7.54 EPS for the current year.

Insider Activity

In related news, EVP Loren Cole sold 5,160 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the sale, the executive vice president directly owned 5,164 shares in the company, valued at approximately $431,194. This trade represents a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 12.69% of the company’s stock.

Institutional Trading of Chemung Financial

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Chemung Financial in the second quarter valued at $29,197,000. The Manufacturers Life Insurance Company purchased a new stake in Chemung Financial during the 2nd quarter worth $12,098,000. Wellington Management Group LLP acquired a new position in Chemung Financial in the 2nd quarter worth $2,347,000. Empowered Funds LLC acquired a new position in Chemung Financial in the 2nd quarter worth $2,010,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Chemung Financial in the 2nd quarter valued at about $1,981,000. Hedge funds and other 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.