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

Key Points

• Wall Street Zen downgraded Chemung Financial from “Buy” to “Hold,” though the broader analyst consensus remains “Buy” with an average price target of $81.
• Chemung Financial reported quarterly earnings of $1.82 per share, exceeding the $1.77 consensus estimate, while revenue of $31.17 million also topped expectations.
• CHMG shares opened at $82.68, near their 52-week high of $85.00; institutional investors own approximately 47.5% of the company.

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

A number of other research analysts have also recently commented on CHMG. 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 note on Tuesday, July 28th. Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Finally, Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Chemung Financial has an average rating of "Buy" and an average target price of $81.00.

Chemung Financial Trading Down 0.0%

Shares of CHMG stock opened at $82.68 on Friday. Chemung Financial has a 52-week low of $49.82 and a 52-week high of $85.00. The stock has a market cap of $398.52 million, a price-to-earnings ratio of 11.88 and a beta of 0.58. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a fifty day moving average of $77.57 and a 200-day moving average of $67.21.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. The business had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. On average, equities research analysts forecast that Chemung Financial will post 7.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new position in shares of Chemung Financial during the second quarter valued at $28,000. Tower Research Capital LLC TRC raised its holdings in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock worth $43,000 after purchasing an additional 426 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank's stock worth $48,000 after purchasing an additional 412 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank's stock worth $57,000 after purchasing an additional 563 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 purchasing an additional 330 shares during the period. Institutional investors own 47.50% of the company's stock.

About Chemung Financial

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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