Hovde Group Initiates Coverage on Chemung Financial (NASDAQ:CHMG)

Key Points

• Hovde Group initiated coverage of Chemung Financial with a “market perform” rating and an $88 price target, implying approximately 9.26% upside from the prior close.
• Analyst sentiment is mixed but leans positive: Chemung Financial has an overall “Moderate Buy” rating and an average price target of $87.75 based on six analyst ratings.
• The bank recently exceeded quarterly earnings expectations, reporting $1.82 in EPS versus a $1.77 consensus estimate, while institutional ownership stands at 47.50% following several new positions, including BlackRock’s approximately $29.2 million stake.

Stock analysts at Hovde Group initiated coverage on shares of Chemung Financial (NASDAQ:CHMG - Get Free Report) in a report issued on Monday, Briefing.com reports. The firm set a "market perform" rating and a $88.00 price target on the bank's stock. Hovde Group's price objective indicates a potential upside of 9.26% from the stock's previous close.

A number of other analysts have also recently commented on the company. Weiss Ratings upgraded Chemung Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday. Raymond James Financial began coverage on shares of Chemung Financial in a report on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 target price on the stock. DA Davidson began coverage on shares of Chemung Financial in a research note on Monday, September 28th. They set a "buy" rating and a $95.00 price target on the stock. Zacks Research downgraded shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Wall Street Zen downgraded shares of Chemung Financial from a "buy" rating to a "hold" rating in a report on Saturday, October 3rd. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Chemung Financial has an average rating of "Moderate Buy" and an average target price of $87.75.

Chemung Financial Stock Performance

Shares of CHMG opened at $80.54 on Monday. The company has a market cap of $388.20 million, a price-to-earnings ratio of 11.57 and a beta of 0.58. The business's fifty day simple moving average is $82.52 and its two-hundred day simple moving average is $73.48. Chemung Financial has a 12 month low of $49.82 and a 12 month high of $86.00. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced 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 business had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Research analysts anticipate that Chemung Financial will post 7.54 earnings per share for the current fiscal year.

Insider Activity at Chemung Financial

In other news, EVP Loren Cole sold 5,160 shares of Chemung Financial 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 approximately $431,194. This trade represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.69% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE bought a new position in shares of Chemung Financial during the 2nd quarter worth about $1,058,000. Bank of New York Mellon Corp bought a new stake in Chemung Financial in the second quarter valued at about $1,149,000. Hudock Inc. acquired a new position in Chemung Financial in the second quarter worth about $1,634,000. BlackRock Inc. acquired a new position in Chemung Financial in the second quarter worth about $29,197,000. Finally, Wellington Management Group LLP acquired a new position in Chemung Financial in the second quarter worth about $2,347,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.

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, businesses, municipalities and nonprofit organizations.

The company's banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.

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