Shares of Chemung Financial Corp. (NASDAQ:CHMG) have received an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company.
Brokers have set a 12 month consensus price target of $45.50 for the company and are forecasting that the company will post $1.03 EPS for the current quarter, according to Zacks. Zacks has also given Chemung Financial an industry rank of 172 out of 256 based on the ratings given to its competitors.
CHMG has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, December 24th. ValuEngine cut shares of Chemung Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Finally, FIG Partners assumed coverage on shares of Chemung Financial in a research report on Friday, September 28th. They set a “hold” rating and a $47.00 price objective on the stock.
Shares of NASDAQ:CHMG opened at $40.90 on Friday. The firm has a market capitalization of $199.00 million, a PE ratio of 18.18 and a beta of 0.04. Chemung Financial has a one year low of $36.87 and a one year high of $53.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 0.91.
Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Thursday, October 18th. The bank reported $1.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.18. The business had revenue of $22.46 million during the quarter, compared to analysts’ expectations of $20.81 million. Chemung Financial had a net margin of 13.51% and a return on equity of 8.58%. Research analysts expect that Chemung Financial will post 3.47 EPS for the current fiscal year.
The business also recently disclosed a dividend, which was paid on Monday, December 31st. Shareholders of record on Wednesday, December 19th were given a $0.26 dividend. The ex-dividend date was Tuesday, December 18th. Chemung Financial’s dividend payout ratio is presently 46.22%.
In other Chemung Financial news, Director G. Thomas Jr. Tranter acquired 850 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average cost of $42.50 per share, with a total value of $36,125.00. Following the transaction, the director now owns 21,066 shares of the company’s stock, valued at $895,305. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 20.63% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CHMG. Northern Trust Corp increased its holdings in shares of Chemung Financial by 3.5% in the second quarter. Northern Trust Corp now owns 35,496 shares of the bank’s stock valued at $1,778,000 after purchasing an additional 1,196 shares during the period. BlackRock Inc. increased its stake in Chemung Financial by 10.9% during the second quarter. BlackRock Inc. now owns 162,691 shares of the bank’s stock worth $8,152,000 after acquiring an additional 15,974 shares during the last quarter. Alpine Woods Capital Investors LLC acquired a new stake in shares of Chemung Financial in the third quarter valued at about $212,000. Renaissance Technologies LLC grew its stake in shares of Chemung Financial by 9.9% in the second quarter. Renaissance Technologies LLC now owns 61,500 shares of the bank’s stock valued at $3,082,000 after buying an additional 5,543 shares in the last quarter. Finally, Ramsey Quantitative Systems grew its stake in shares of Chemung Financial by 108.8% in the third quarter. Ramsey Quantitative Systems now owns 2,574 shares of the bank’s stock valued at $109,000 after buying an additional 1,341 shares in the last quarter. Institutional investors and hedge funds own 34.45% of the company’s stock.
About Chemung Financial
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
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