Chemung Financial (NASDAQ:CHMG) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Chemung Financial (NASDAQ:CHMG) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Chemung Financial Stock Up 0.2 %

CHMG stock opened at $51.55 on Tuesday. Chemung Financial has a twelve month low of $39.00 and a twelve month high of $52.59. The company has a market cap of $245.38 million, a price-to-earnings ratio of 11.40 and a beta of 0.15. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average price of $48.00 and a two-hundred day moving average price of $46.04.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The business had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. Analysts anticipate that Chemung Financial will post 4.94 EPS for the current fiscal year.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.31 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.24 annualized dividend and a yield of 2.41%. Chemung Financial’s dividend payout ratio (DPR) is currently 27.43%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. This trade represents a 17.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Several large investors have recently modified their holdings of the stock. Acadian Asset Management LLC grew its stake in Chemung Financial by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after buying an additional 2,054 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after acquiring an additional 1,400 shares during the period. Renaissance Technologies LLC grew its position in shares of Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock valued at $1,647,000 after purchasing an additional 1,400 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Chemung Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after purchasing an additional 5,649 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Chemung Financial by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after purchasing an additional 397 shares during the last quarter. 47.50% of the stock is owned by institutional investors.

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.