Weiss Ratings Reaffirms Hold (C) Rating for Chemung Financial (NASDAQ:CHMG)

Key Points

• Weiss Ratings has reiterated a "hold (C)" rating for Chemung Financial (NASDAQ:CHMG), indicating a neutral outlook for the stock.
• Chemung Financial's stock is currently priced at $52.50, with an average target price set at $54.50 based on ratings from various analysts.
• Recent insider trading shows EVP Loren D. Cole purchasing 2,983 shares at an average price of $50.10, indicating confidence in the company's future performance.

Chemung Financial (NASDAQ:CHMG - Get Free Report)'s stock had its "hold (c)" rating restated by research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

CHMG has been the topic of several other reports. Keefe, Bruyette & Woods lifted their price objective on Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. Zacks Research cut Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, Chemung Financial currently has an average rating of "Hold" and an average target price of $54.50.

Chemung Financial Stock Performance

Shares of CHMG remained flat at $52.50 during midday trading on Wednesday. The stock had a trading volume of 3,566 shares, compared to its average volume of 9,859. Chemung Financial has a 12-month low of $40.71 and a 12-month high of $55.73. The company's 50-day moving average is $52.23 and its two-hundred day moving average is $49.04. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market cap of $251.48 million, a PE ratio of 22.44 and a beta of 0.38.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.31. The company had revenue of $10.10 million during the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%. On average, equities research analysts anticipate that Chemung Financial will post 5.38 EPS for the current year.

Insider Activity at Chemung Financial

In other news, EVP Loren D. Cole acquired 2,983 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were bought at an average price of $50.10 per share, with a total value of $149,448.30. Following the completion of the acquisition, the executive vice president owned 9,331 shares in the company, valued at $467,483.10. This trade represents a 46.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey P. Kenefick purchased 475 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were bought at an average cost of $52.75 per share, for a total transaction of $25,056.25. Following the acquisition, the insider owned 10,535 shares of the company's stock, valued at approximately $555,721.25. The trade was a 4.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 18,458 shares of company stock valued at $968,415 over the last quarter. 12.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in shares of Chemung Financial by 20.4% during the 4th quarter. Bank of America Corp DE now owns 10,236 shares of the bank's stock valued at $500,000 after acquiring an additional 1,736 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Chemung Financial by 1.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,384 shares of the bank's stock worth $604,000 after purchasing an additional 216 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Chemung Financial by 91.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,077 shares of the bank's stock worth $432,000 after purchasing an additional 4,345 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Chemung Financial by 46.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank's stock worth $1,455,000 after purchasing an additional 9,717 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Chemung Financial during the 1st quarter worth approximately $228,000. Institutional investors and hedge funds own 47.50% of the company's stock.

Chemung Financial Company Profile

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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