Chemung Financial (NASDAQ:CHMG) Upgraded to Buy at StockNews.com

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

Chemung Financial Stock Down 0.1 %

Shares of CHMG opened at $51.79 on Tuesday. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $52.59. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a 50 day simple moving average of $47.70 and a two-hundred day simple moving average of $45.90. The firm has a market cap of $246.52 million, a P/E ratio of 11.46 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The company had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.91%. On average, analysts forecast that Chemung Financial will post 4.94 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Thursday, September 19th. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insider Buying and Selling

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently modified their holdings of CHMG. Acadian Asset Management LLC increased its holdings in Chemung Financial by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock valued at $1,299,000 after purchasing an additional 2,054 shares during the period. Empowered Funds LLC lifted its stake in Chemung Financial by 8.1% in 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 boosted its holdings in 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 acquiring an additional 1,400 shares in the last quarter. Vanguard Group Inc. increased its position in Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after purchasing an additional 5,649 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Chemung Financial by 3.5% in 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 in the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

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.