StockNews.com Downgrades Chemung Financial (NASDAQ:CHMG) to Hold

Chemung Financial (NASDAQ:CHMG – Get Rating) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Friday.

Separately, Keefe, Bruyette & Woods boosted their price objective on shares of Chemung Financial from $50.00 to $52.00 and gave the company a “market perform” rating in a research report on Tuesday, January 31st.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG opened at $48.58 on Friday. The company has a market capitalization of $227.35 million, a price-to-earnings ratio of 7.92 and a beta of 0.12. Chemung Financial has a 12 month low of $40.74 and a 12 month high of $53.43. The firm’s 50-day moving average is $49.44 and its 200 day moving average is $46.17. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03.

Chemung Financial (NASDAQ:CHMG – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.12. The company had revenue of $26.29 million during the quarter, compared to analysts’ expectations of $24.61 million. Chemung Financial had a net margin of 27.97% and a return on equity of 16.74%. Research analysts predict that Chemung Financial will post 5.74 EPS for the current year.

Insider Transactions at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade purchased 810 shares of the stock in a transaction dated Tuesday, March 7th. The stock was purchased at an average price of $49.50 per share, with a total value of $40,095.00. Following the transaction, the director now owns 2,421 shares of the company’s stock, valued at $119,839.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Thomas R. Tyrrell sold 1,000 shares of the stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $52.41, for a total transaction of $52,410.00. Following the completion of the sale, the director now owns 7,016 shares of the company’s stock, valued at $367,708.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph F. Iv Meade bought 810 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were purchased at an average cost of $49.50 per share, with a total value of $40,095.00. Following the transaction, the director now directly owns 2,421 shares of the company’s stock, valued at $119,839.50. The disclosure for this purchase can be found here. Corporate insiders own 12.25% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sandy Spring Bank acquired a new position in Chemung Financial during the 3rd quarter valued at approximately $63,000. Chemung Canal Trust Co. grew its position in Chemung Financial by 13.2% during the third quarter. Chemung Canal Trust Co. now owns 347,754 shares of the bank’s stock valued at $14,560,000 after buying an additional 40,522 shares during the period. Basswood Capital Management L.L.C. grew its position in Chemung Financial by 29.0% during the second quarter. Basswood Capital Management L.L.C. now owns 182,198 shares of the bank’s stock valued at $8,563,000 after buying an additional 41,005 shares during the period. Maltese Capital Management LLC grew its position in Chemung Financial by 74.5% during the second quarter. Maltese Capital Management LLC now owns 17,800 shares of the bank’s stock valued at $837,000 after buying an additional 7,600 shares during the period. Finally, Millennium Management LLC grew its position in Chemung Financial by 1.5% during the fourth quarter. Millennium Management LLC now owns 13,602 shares of the bank’s stock valued at $624,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 35.85% of the company’s stock.

About Chemung Financial

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Chemung Financial Corp. operates as a holding company. It operates through following segments: Core Banking and Wealth Management Services (WMG). The Core Banking segment attracts deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the local markets of the firm and to invest in securities.