Chemung Financial (NASDAQ:CHMG) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Chemung Financial (NASDAQ:CHMG) from a hold rating to a strong sell rating in a research note released on Wednesday,Zacks.com reports.

CHMG has been the subject of a number of other research reports. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Chemung Financial in a report on Monday, November 24th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chemung Financial presently has a consensus rating of “Reduce” and an average price target of $54.50.

Chemung Financial Price Performance

Chemung Financial stock opened at $53.30 on Wednesday. The firm has a fifty day moving average of $51.68 and a 200-day moving average of $50.96. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $55.73. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $255.31 million, a P/E ratio of 19.24 and a beta of 0.49.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Friday, July 25th. The bank reported $1.26 earnings per share for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. The firm had revenue of $25.71 million during the quarter. As a group, analysts predict that Chemung Financial will post 5.38 EPS for the current year.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 19th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. Chemung Financial’s dividend payout ratio (DPR) is presently 49.10%.

Insider Buying and Selling

In other news, Director Jeffrey B. Streeter acquired 2,184 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was purchased at an average cost of $51.92 per share, with a total value of $113,393.28. Following the completion of the acquisition, the director directly owned 32,726 shares in the company, valued at $1,699,133.92. This represents a 7.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 12.41% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 acquiring an additional 330 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Chemung Financial by 0.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after purchasing an additional 350 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Chemung Financial by 81.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the period. Tower Research Capital LLC TRC boosted its position in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Chemung Financial by 3.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 12,758 shares of the bank’s stock worth $670,000 after buying an additional 441 shares during the last quarter. 47.50% of the stock is currently owned by institutional investors.

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.