Wall Street Zen Upgrades Chemung Financial (NASDAQ:CHMG) to Buy

Key Points

• Wall Street Zen upgraded Chemung Financial (NASDAQ:CHMG) from a "hold" to a "buy"; combined with a recent Zacks upgrade, the stock's average rating is a Moderate Buy and the consensus target price is $57.00.
• Chemung posted a quarterly EPS beat of $1.91 vs. $1.63 expected and revenue of $29.90M (vs. $29.21M), while the stock trades around $62.82 with a market cap of $302.8M and a P/E of 16.58.
• Insiders have sold 3,823 shares (~$220,860) over the last three months, though insiders still own 12.41% of the company and institutional/hedge fund ownership stands at 47.5%.

Chemung Financial (NASDAQ:CHMG - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

Several other brokerages also recently weighed in on CHMG. Zacks Research upgraded Chemung Financial from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chemung Financial in a research report on Friday, March 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a research 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $62.82 on Friday. 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 has a fifty-two week low of $41.52 and a fifty-two week high of $65.50. The stock has a 50 day moving average price of $56.43 and a two-hundred day moving average price of $55.05. The company has a market capitalization of $302.79 million, a P/E ratio of 16.58 and a beta of 0.45.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The bank reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.28. Chemung Financial had a return on equity of 11.58% and a net margin of 10.73%.The firm had revenue of $29.90 million during the quarter, compared to the consensus estimate of $29.21 million. Analysts expect that Chemung Financial will post 5.38 earnings per share for the current year.

Insider Activity at Chemung Financial

In other news, insider Daniel D. Fariello sold 748 shares of the business's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total transaction of $45,725.24. Following the transaction, the insider directly owned 7,110 shares of the company's stock, valued at approximately $434,634.30. The trade was a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Dalrymple sold 2,833 shares of the business'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 transaction, the director directly owned 1,351 shares in the company, valued at $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,823 shares of company stock worth $220,860 over the last three months. Insiders own 12.41% of the company's stock.

Hedge Funds Weigh In On Chemung Financial

Hedge funds have recently made changes to their positions in the business. PL Capital Advisors LLC increased its stake in shares of Chemung Financial by 890.1% during the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank's stock valued at $3,105,000 after buying an additional 53,155 shares during the period. 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock worth $110,000 after purchasing an additional 330 shares during the period. Russell Investments Group Ltd. grew its stake in Chemung Financial by 81.1% in the third 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 period. Finally, Tower Research Capital LLC TRC grew its stake in Chemung Financial by 90.8% in the second 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 period. 47.50% of the stock is owned by hedge funds and other institutional investors.

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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