Chemung Financial (NASDAQ:CHMG) Upgraded to Strong-Buy at DA Davidson

Key Points

• DA Davidson upgraded Chemung Financial to “strong buy,” while broader analyst coverage remains favorable with an average “Moderate Buy” rating and an $87.67 price target.
• Chemung Financial reported quarterly EPS of $1.82, exceeding the $1.77 consensus estimate, while revenue of $31.17 million also surpassed expectations.
• The stock opened at $81.34, near its 52-week high of $86.00; institutional investors own 47.50% of shares, 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 equities researchers at DA Davidson to a "strong-buy" rating in a report issued on Monday, Zacks reports.

CHMG has been the subject of a number of other reports. Zacks Research downgraded shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Raymond James Financial initiated coverage on Chemung Financial in a report on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 price target on the stock. Keefe, Bruyette & Woods lifted their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Finally, Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Chemung Financial has an average rating of "Moderate Buy" and an average price target of $87.67.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $81.34 on Monday. The firm's fifty day simple moving average is $82.29 and its 200-day simple moving average is $71.88. 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 stock has a market cap of $392.06 million, a PE ratio of 11.69 and a beta of 0.57. Chemung Financial has a fifty-two week low of $49.82 and a fifty-two week high of $86.00.

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

Insider Buying and Selling

In related news, EVP Loren Cole sold 5,160 shares of the business'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 transaction, the executive vice president owned 5,164 shares of the company's stock, valued at approximately $431,194. The trade was a 49.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.69% of the company's stock.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Chemung Financial in the 2nd quarter worth approximately $29,197,000. Dimensional Fund Advisors LP grew its position in shares of Chemung Financial by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank's stock valued at $9,787,000 after purchasing an additional 2,172 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Chemung Financial in the second quarter valued at $12,098,000. Wellington Management Group LLP acquired a new position in Chemung Financial in the second quarter valued at $2,347,000. Finally, Empowered Funds LLC acquired a new position in Chemung Financial in the second quarter valued at $2,010,000. 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 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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