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

Key Points

• Wall Street Zen downgraded Chemung Financial from “Buy” to “Hold.” Despite the move, analysts overall retain a “Moderate Buy” consensus and an average price target of $88.75.
• Chemung Financial reported quarterly earnings of $2.63 per share, beating the $1.96 analyst consensus; revenue of $31.98 million was slightly above estimates.
• The shares opened at $85.11, near their 12-month high of $89.34. An executive vice president also sold 5,160 shares at an average price of $83.50.

Chemung Financial (NASDAQ:CHMG - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

CHMG has been the subject of a number of other research reports. UBS Group reissued an "outperform" rating on shares of Chemung Financial in a report on Tuesday, October 27th. Keefe, Bruyette & Woods upped their price target on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Chemung Financial in a research report on Tuesday, October 27th. Hovde Group began coverage on Chemung Financial in a research report on Monday, October 12th. They set a "market perform" rating and a $88.00 price objective on the stock. Finally, Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.75.

Chemung Financial Price Performance

Shares of CHMG opened at $85.11 on Friday. The company has a market capitalization of $410.49 million, a P/E ratio of 10.68 and a beta of 0.58. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $83.28 and a 200 day moving average of $71.82. Chemung Financial has a twelve month low of $50.31 and a twelve month high of $89.34.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.67. The company had revenue of $31.98 million during the quarter, compared to analyst estimates of $31.87 million. Chemung Financial had a net margin of 23.36% and a return on equity of 14.49%. As a group, equities research analysts anticipate that Chemung Financial will post 8.21 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Loren Cole sold 5,160 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly owned 5,164 shares in the company, valued at approximately $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.69% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its stake in shares of Chemung Financial by 32.7% during the 3rd quarter. Empowered Funds LLC now owns 35,761 shares of the bank's stock worth $2,892,000 after acquiring an additional 8,804 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Chemung Financial during the 3rd quarter valued at $1,509,000. Hudock Inc. bought a new stake in shares of Chemung Financial during the 2nd quarter valued at $1,634,000. Wellington Management Group LLP bought a new stake in shares of Chemung Financial during the 2nd quarter valued at $2,347,000. Finally, Bank of America Corp DE purchased a new stake in shares of Chemung Financial in the 2nd quarter worth $1,058,000. 47.50% of the stock is currently owned by institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides personal and business banking services through branches in New York and northern Pennsylvania. The bank offers deposit accounts, loans, mortgages, and other lending services. Through its wealth management and financial services businesses, it also provides trust, investment management, financial planning, and insurance services. Founded in 1833, Chemung Canal Trust Company has a long history of serving communities in the region.

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