Chemung Financial (NASDAQ:CHMG) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Chemung Financial from “buy” to “hold.” Despite the downgrade, the stock retains a “Moderate Buy” consensus rating, with an average analyst price target of $87.67.
• Chemung Financial shares opened at $81.93, near their 52-week high of $86.00. The bank’s latest quarterly results exceeded expectations, with earnings of $1.82 per share versus the $1.77 consensus estimate.
• Institutional investors own 47.50% of the company after several funds, including BlackRock and Manufacturers Life Insurance, initiated positions. Separately, Executive Vice President Loren Cole sold 5,160 shares for approximately $430,860.

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

CHMG has been the topic of several other research reports. DA Davidson began coverage on Chemung Financial in a research note on Monday. They issued a "buy" rating and a $95.00 price target on the stock. Weiss Ratings upgraded Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Raymond James Financial initiated coverage on Chemung Financial in a research report on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 target price on the stock. Zacks Research cut Chemung Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Chemung Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.67.

Chemung Financial Trading Up 1.6%

CHMG stock opened at $81.93 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The company has a market cap of $394.90 million, a price-to-earnings ratio of 11.77 and a beta of 0.58. The business has a fifty day simple moving average of $82.55 and a 200-day simple moving average of $72.33. Chemung Financial has a 52 week low of $49.82 and a 52 week high of $86.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $30.52 million. On average, equities research analysts expect that Chemung Financial will post 7.54 EPS for the current year.

Insider Activity at Chemung Financial

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 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 owned 5,164 shares of the company's stock, valued at $431,194. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.69% of the company's stock.

Institutional Investors Weigh In On Chemung Financial

Several hedge funds have recently modified their holdings of CHMG. BlackRock Inc. acquired a new stake in Chemung Financial during the second quarter worth about $29,197,000. The Manufacturers Life Insurance Company acquired a new position in shares of Chemung Financial in the 2nd quarter valued at $12,098,000. Wellington Management Group LLP bought a new position in shares of Chemung Financial during the 2nd quarter worth about $2,347,000. Empowered Funds LLC bought a new position in shares of Chemung Financial during the 2nd quarter worth about $2,010,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Chemung Financial during the 2nd quarter valued at about $1,981,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.