Chemung Financial (NASDAQ:CHMG) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Chemung Financial from “hold” to “buy,” contributing to an overall analyst consensus rating of “Buy” and a consensus price target of $81.00.
• Chemung Financial reported quarterly earnings of $1.82 per share, exceeding the $1.77 estimate, while revenue of $31.17 million also surpassed expectations.
• Institutional investors own 47.5% of the company, with BlackRock and Manufacturers Life Insurance among investors that recently established new positions.

Chemung Financial (NASDAQ:CHMG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a research note on Tuesday, July 28th. Zacks Research raised Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $81.00.

Chemung Financial Stock Performance

Chemung Financial stock opened at $81.60 on Friday. The stock has a market cap of $393.31 million, a price-to-earnings ratio of 11.72 and a beta of 0.58. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $85.00. The stock's 50 day simple moving average is $78.67 and its two-hundred day simple moving average is $67.87. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. As a group, analysts expect that Chemung Financial will post 7.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chemung Financial

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Chemung Financial during the second quarter valued at approximately $29,197,000. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 1.2% during the first 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. The Manufacturers Life Insurance Company purchased a new stake in Chemung Financial during the second quarter worth $12,098,000. PL Capital Advisors LLC boosted its position in Chemung Financial by 84.9% during the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank's stock valued at $6,101,000 after acquiring an additional 50,209 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank's stock valued at $4,521,000 after purchasing an additional 12,917 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company's stock.

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.

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