Chemung Financial (NASDAQ:CHMG) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Chemung Financial from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $84.00.
• CHMG shares opened at $81.97, near their 52-week high of $86.00, with a market capitalization of approximately $395 million and a price-to-earnings ratio of 11.78.
• Chemung Financial exceeded quarterly expectations, reporting $1.82 in earnings per share versus the $1.77 estimate and $31.17 million in revenue versus the $30.52 million forecast.

Chemung Financial (NASDAQ:CHMG - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Other equities analysts have also recently issued reports about the stock. Raymond James Financial initiated coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 price objective for the company. Weiss Ratings upgraded shares of Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods increased their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Chemung Financial has a consensus rating of "Moderate Buy" and an average target price of $84.00.

Chemung Financial Stock Down 0.5%

Shares of CHMG opened at $81.97 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. The stock has a market capitalization of $395.10 million, a price-to-earnings ratio of 11.78 and a beta of 0.57. Chemung Financial has a 1 year low of $49.82 and a 1 year high of $86.00. The business's 50 day simple moving average is $81.79 and its 200-day simple moving average is $70.92.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. As a group, equities analysts expect that Chemung Financial will post 7.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Chemung Financial

In other news, EVP Loren Cole sold 5,160 shares of the firm's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares in the company, valued at approximately $431,194. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.69% of the company's stock.

Institutional Trading of Chemung Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. Hudock Inc. bought a new position in Chemung Financial in the 2nd quarter valued at $1,634,000. Wellington Management Group LLP bought a new stake in shares of Chemung Financial during the second quarter worth $2,347,000. Empowered Funds LLC purchased a new stake in shares of Chemung Financial during the second quarter valued at $2,010,000. Bank of America Corp DE purchased a new stake in shares of Chemung Financial during the second quarter valued at $1,058,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Chemung Financial during the second quarter valued at $1,272,000. 47.50% of the stock is owned by hedge funds and other 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 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.

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