Chemung Financial (NASDAQ:CHMG) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Chemung Financial from “hold” to “buy.” Overall analyst sentiment is “Moderate Buy,” with a consensus price target of $88.75.
• Chemung Financial reported quarterly EPS of $2.63, beating estimates of $1.96, while revenue of $31.98 million was roughly in line with expectations.
• CHMG shares were trading at $86.27, down 1.5%, near their 52-week high of $87.99. Institutional investors own 47.5% of the company, while an executive recently sold 5,160 shares at an average price of $83.50.

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

Other analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Chemung Financial from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, October 23rd. Raymond James Financial restated an "outperform" rating and set a $90.00 target price on shares of Chemung Financial in a research report on Tuesday. Hovde Group started coverage on shares of Chemung Financial in a report on Monday, October 12th. They set a "market perform" rating and a $88.00 target price on the stock. UBS Group reiterated an "outperform" rating on shares of Chemung Financial in a research report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price target on Chemung Financial from $77.00 to $81.00 and gave the company a "market perform" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.75.

Chemung Financial Trading Down 1.5%

CHMG stock opened at $86.27 on Friday. Chemung Financial has a one year low of $50.05 and a one year high of $87.99. The stock has a market cap of $415.82 million, a price-to-earnings ratio of 10.82 and a beta of 0.58. The company has a fifty day moving average price of $82.52 and a two-hundred day moving average price of $70.36. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The bank reported $2.63 earnings per share (EPS) 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 analysts' expectations of $31.87 million. Chemung Financial had a return on equity of 14.64% and a net margin of 23.36%. Equities analysts anticipate that Chemung Financial will post 8.21 EPS for the current year.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of Chemung Financial stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president owned 5,164 shares in the company, valued at $431,194. The trade was a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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. bought a new position in shares of Chemung Financial in the 2nd quarter worth about $29,197,000. The Manufacturers Life Insurance Company bought a new stake in shares of Chemung Financial during the 2nd quarter valued at about $12,098,000. Wellington Management Group LLP bought a new stake in Chemung Financial in the second quarter worth approximately $2,347,000. Empowered Funds LLC bought a new stake in Chemung Financial in the second quarter worth approximately $2,010,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Chemung Financial in the second quarter worth approximately $1,981,000. Institutional investors and hedge funds 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 municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York's Southern Tier.

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