Chemung Financial (NASDAQ:CHMG) Rating Lowered to Hold at Wall Street Zen

Chemung Financial (NASDAQ:CHMG) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Several other research firms also recently commented on CHMG. Weiss Ratings reiterated a “hold (c+)” rating on shares of Chemung Financial in a report on Monday, November 24th. Zacks Research downgraded shares of Chemung Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $54.50.

Chemung Financial Trading Down 0.5%

Chemung Financial stock opened at $53.30 on Friday. The stock has a 50-day simple moving average of $51.68 and a 200 day simple moving average of $50.96. The stock has a market capitalization of $255.31 million, a P/E ratio of 19.24 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.98. Chemung Financial has a 52 week low of $40.71 and a 52 week high of $55.73.

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

Insider Activity

In other Chemung Financial news, Director Jeffrey B. Streeter bought 2,184 shares of the stock in a transaction dated Wednesday, October 29th. The shares were bought 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 owned 32,726 shares of the company’s stock, valued at $1,699,133.92. This trade represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 12.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently added to or reduced their stakes in CHMG. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Chemung Financial by 46.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,596 shares of the bank’s stock valued at $1,455,000 after acquiring an additional 9,717 shares in the last quarter. Nuveen LLC bought a new position in shares of Chemung Financial in the first quarter worth $228,000. American Century Companies Inc. raised its stake in Chemung Financial by 73.9% in the first quarter. American Century Companies Inc. now owns 17,323 shares of the bank’s stock valued at $824,000 after purchasing an additional 7,364 shares in the last quarter. Hsbc Holdings PLC lifted its position in Chemung Financial by 45.7% during the first quarter. Hsbc Holdings PLC now owns 12,493 shares of the bank’s stock worth $586,000 after purchasing an additional 3,921 shares during the period. Finally, Trexquant Investment LP lifted its position in Chemung Financial by 73.6% during the first quarter. Trexquant Investment LP now owns 15,132 shares of the bank’s stock worth $720,000 after purchasing an additional 6,417 shares during the period. 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.