Chemung Financial (NASDAQ:CHMG) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Chemung Financial (NASDAQ:CHMG) from a "hold" to a "strong-buy" rating in a report issued Tuesday.
• Analyst sentiment is mixed — one analyst has a Strong Buy and three have Holds, leaving a consensus of "Moderate Buy" with an average price target of $57.00.
• Chemung recently reported a quarterly EPS of $1.61 (vs. $1.60 est.) and revenue of $30.52M (vs. $29.48M est.); the stock trades near $59.20 with a $285.3M market cap and insiders have sold shares recently (insiders own 12.41%, institutions 47.50%).

Chemung Financial (NASDAQ:CHMG - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Chemung Financial from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Chemung Financial in a report on Friday, March 27th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a "market perform" rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $57.00.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $59.20 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average price is $56.56 and its two-hundred day moving average price is $54.93. Chemung Financial has a 52-week low of $41.52 and a 52-week high of $65.50. The stock has a market capitalization of $285.34 million, a P/E ratio of 18.85 and a beta of 0.45.

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

Insider Activity at Chemung Financial

In other Chemung Financial news, Director Robert H. Dalrymple sold 2,833 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $56.56, for a total value of $160,234.48. Following the sale, the director owned 1,351 shares in the company, valued at approximately $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel D. Fariello sold 748 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the completion of the sale, the insider owned 7,110 shares in the company, valued at $434,634.30. The trade was a 9.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,823 shares of company stock worth $220,860 in the last 90 days. 12.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Several large investors have recently made changes to their positions in the company. Hsbc Holdings PLC increased its stake in shares of Chemung Financial by 34.4% in the fourth quarter. Hsbc Holdings PLC now owns 18,435 shares of the bank's stock valued at $1,021,000 after purchasing an additional 4,719 shares during the period. Invesco Ltd. acquired a new stake in shares of Chemung Financial in the fourth quarter valued at approximately $232,000. AQR Capital Management LLC increased its stake in shares of Chemung Financial by 8.7% in the fourth quarter. AQR Capital Management LLC now owns 18,521 shares of the bank's stock valued at $1,033,000 after purchasing an additional 1,486 shares during the period. Trexquant Investment LP increased its stake in shares of Chemung Financial by 17.2% in the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank's stock valued at $317,000 after purchasing an additional 833 shares during the period. Finally, Captrust Financial Advisors increased its stake in shares of Chemung Financial by 5.0% in the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank's stock valued at $440,000 after purchasing an additional 372 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.