StockNews.com Begins Coverage on Chemung Financial (NASDAQ:CHMG)

Stock analysts at StockNews.com began coverage on shares of Chemung Financial (NASDAQ:CHMGGet Rating) in a report released on Wednesday. The brokerage set a “hold” rating on the bank’s stock.

Shares of CHMG stock opened at $41.70 on Wednesday. The firm has a market capitalization of $194.91 million, a price-to-earnings ratio of 7.30 and a beta of 0.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.73 and a quick ratio of 0.73. The business has a fifty day moving average of $45.34 and a 200 day moving average of $45.70. Chemung Financial has a 1 year low of $41.61 and a 1 year high of $49.50.

Chemung Financial (NASDAQ:CHMGGet Rating) last issued its earnings results on Thursday, April 21st. The bank reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.22. The company had revenue of $22.34 million during the quarter, compared to analyst estimates of $22.14 million. Chemung Financial had a return on equity of 13.26% and a net margin of 28.58%. As a group, equities research analysts expect that Chemung Financial will post 5.11 earnings per share for the current year.

In other news, EVP Loren D. Cole sold 1,798 shares of the firm’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $42.78, for a total transaction of $76,918.44. Following the sale, the executive vice president now directly owns 1,922 shares in the company, valued at approximately $82,223.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denise V. Gonick bought 1,000 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were acquired at an average price of $44.95 per share, for a total transaction of $44,950.00. Following the completion of the transaction, the director now directly owns 4,187 shares in the company, valued at $188,205.65. The disclosure for this purchase can be found here. 13.32% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of CHMG. Marshall Wace LLP purchased a new position in Chemung Financial in the 1st quarter valued at about $185,000. Dimensional Fund Advisors LP lifted its stake in Chemung Financial by 9.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 89,059 shares of the bank’s stock valued at $4,034,000 after buying an additional 7,559 shares in the last quarter. Morgan Stanley lifted its stake in Chemung Financial by 18.0% in the 3rd quarter. Morgan Stanley now owns 34,117 shares of the bank’s stock valued at $1,545,000 after buying an additional 5,210 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Chemung Financial in the 3rd quarter valued at about $258,000. Finally, BHZ Capital Management LP lifted its stake in Chemung Financial by 38.5% in the 4th quarter. BHZ Capital Management LP now owns 7,426 shares of the bank’s stock valued at $345,000 after buying an additional 2,065 shares in the last quarter. 36.07% of the stock is currently owned by hedge funds and other institutional investors.

Chemung Financial Company Profile (Get Rating)

Chemung Financial Corporation operates as the 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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