Chemung Financial's (CHMG) "Hold (C)" Rating Reaffirmed at Weiss Ratings

Key Points

• Chemung Financial's stock has a reaffirmed rating of "hold (C)" by Weiss Ratings, with an average analyst rating of "Hold" and a consensus target price of $54.50.
• The stock price increased by 3.3% to $53.10 during trading, with a reported 50-day moving average of $52.40.
• Insider transactions included significant purchases from Director Jeffrey B. Streeter and EVP Loren D. Cole, increasing their positions in the company by 9.82% and 46.99%, respectively.

Chemung Financial (NASDAQ:CHMG - Get Free Report)'s stock had its "hold (c)" rating reiterated by equities research analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods upped their target price on Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Zacks Research downgraded Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $54.50.

Chemung Financial Stock Up 3.3%

Chemung Financial stock traded up $1.69 during trading on Friday, reaching $53.10. 3,093 shares of the company's stock were exchanged, compared to its average volume of 6,377. The company's 50-day moving average is $52.40 and its two-hundred day moving average is $49.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $55.73. The firm has a market cap of $254.35 million, a price-to-earnings ratio of 19.17 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a return on equity of 11.52% and a net margin of 9.58%.The company had revenue of $25.71 million during the quarter. On average, analysts predict that Chemung Financial will post 5.38 earnings per share for the current year.

Insider Activity

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 2,612 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $52.60 per share, for a total transaction of $137,391.20. Following the completion of the purchase, the director owned 29,202 shares in the company, valued at $1,536,025.20. The trade was a 9.82% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Loren D. Cole purchased 2,983 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average price of $50.10 per share, for a total transaction of $149,448.30. Following the purchase, the executive vice president owned 9,331 shares of the company's stock, valued at approximately $467,483.10. This represents a 46.99% increase in their position. The disclosure for this purchase can be found here. Insiders own 12.41% of the company's stock.

Institutional Trading of Chemung Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey acquired a new stake in Chemung Financial during the second quarter valued at approximately $36,000. Tower Research Capital LLC TRC raised its stake in Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after buying an additional 426 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in Chemung Financial during the second quarter valued at approximately $67,000. Atlantic Union Bankshares Corp acquired a new stake in Chemung Financial during the second quarter valued at approximately $73,000. Finally, CWM LLC raised its stake in Chemung Financial by 168.1% during the third quarter. CWM LLC now owns 1,630 shares of the bank's stock valued at $86,000 after buying an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.

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