Chemung Financial Corp. (CHMG) Receives Average Rating of “Buy” from Brokerages

Chemung Financial Corp. (NASDAQ:CHMG) has been assigned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Chemung Financial’s rating score has declined by 100% from three months ago as a result of a number of analysts’ ratings changes.

Brokerages have set a one year consensus price target of $45.50 for the company and are anticipating that the company will post $1.03 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 152 out of 255 based on the ratings given to related companies.

Several brokerages have recently weighed in on CHMG. ValuEngine cut Chemung Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. FIG Partners began coverage on Chemung Financial in a research note on Friday, September 28th. They issued a “hold” rating and a $47.00 price target for the company.



In other Chemung Financial news, Director G. Thomas Jr. Tranter bought 850 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was acquired at an average price of $42.50 per share, with a total value of $36,125.00. Following the completion of the purchase, the director now directly owns 21,066 shares of the company’s stock, valued at approximately $895,305. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Dalrymple sold 1,733 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $42.27, for a total value of $73,253.91. Following the sale, the director now directly owns 233,300 shares of the company’s stock, valued at approximately $9,861,591. The disclosure for this sale can be found here. Insiders have sold 5,733 shares of company stock valued at $243,654 in the last ninety days. 20.63% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems grew its stake in Chemung Financial by 108.8% during the third quarter. Ramsey Quantitative Systems now owns 2,574 shares of the bank’s stock worth $109,000 after purchasing an additional 1,341 shares during the period. Hartford Investment Management Co. acquired a new stake in Chemung Financial in the second quarter valued at approximately $219,000. Acadian Asset Management LLC grew its stake in Chemung Financial by 38.2% in the second quarter. Acadian Asset Management LLC now owns 6,014 shares of the bank’s stock valued at $301,000 after acquiring an additional 1,661 shares during the period. Private Advisor Group LLC acquired a new stake in Chemung Financial in the second quarter valued at approximately $322,000. Finally, LSV Asset Management grew its stake in Chemung Financial by 10.9% in the second quarter. LSV Asset Management now owns 15,250 shares of the bank’s stock valued at $764,000 after acquiring an additional 1,500 shares during the period. 33.46% of the stock is owned by institutional investors and hedge funds.

Shares of CHMG stock traded down $1.40 on Friday, hitting $41.20. The company had a trading volume of 2,981 shares, compared to its average volume of 6,640. The stock has a market cap of $202.44 million, a price-to-earnings ratio of 18.31 and a beta of -0.02. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42. Chemung Financial has a twelve month low of $39.01 and a twelve month high of $56.83.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Thursday, October 18th. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.18. The company had revenue of $22.46 million during the quarter, compared to analysts’ expectations of $20.81 million. Chemung Financial had a return on equity of 8.66% and a net margin of 13.51%. Sell-side analysts forecast that Chemung Financial will post 3.3 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Monday, September 17th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, September 14th. This represents a $1.04 annualized dividend and a yield of 2.52%. Chemung Financial’s dividend payout ratio is currently 46.22%.

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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