Chemung Financial (NASDAQ:CHMG) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Chemung Financial (NASDAQ:CHMG) from a "Buy" to a "Hold"; the stock's consensus rating is Hold with a consensus price target of $57.00.
• The bank recently reported $1.61 EPS (vs. $1.60 est.) and $30.52M in revenue, analysts forecast about 5.38 EPS for the year, and the shares trade around $58.66 with a P/E of 18.68.
• Insiders sold 3,823 shares (~$220,860) in the past three months (insider ownership 12.41%), while institutional investors hold roughly 47.5% of the company.

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 note issued on Saturday.

A number of other research analysts have also recently commented on the company. Zacks Research raised Chemung Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, February 6th. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chemung Financial in a research note on Friday, March 27th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $57.00.

Chemung Financial Trading Down 2.2%

CHMG opened at $58.66 on Friday. The stock has a market cap of $282.68 million, a price-to-earnings ratio of 18.68 and a beta of 0.45. The stock's 50 day moving average price is $56.73 and its 200-day moving average price is $54.79. Chemung Financial has a one year low of $40.71 and a one year high of $65.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. The firm had revenue of $30.52 million for the quarter, compared to analysts' expectations of $29.48 million. Chemung Financial had a return on equity of 11.58% and a net margin of 10.73%. On average, equities analysts forecast that Chemung Financial will post 5.38 EPS for the current year.

Insider Activity at Chemung Financial

In related news, insider Daniel D. Fariello sold 748 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the transaction, the insider owned 7,110 shares of the company's stock, valued at $434,634.30. This represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Dalrymple sold 2,833 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the completion of the transaction, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 3,823 shares of company stock worth $220,860. 12.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in Chemung Financial by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank's stock worth $129,000 after purchasing an additional 245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after acquiring an additional 330 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Chemung Financial by 0.5% during the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank's stock valued at $3,683,000 after acquiring an additional 350 shares in the last quarter. Captrust Financial Advisors boosted its position in Chemung Financial by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank's stock valued at $440,000 after acquiring an additional 372 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock valued at $48,000 after acquiring an additional 412 shares in the last quarter. Institutional investors own 47.50% of the company's stock.

Chemung Financial Company Profile

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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