Chemung Financial (CHMG) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Chemung Financial (NASDAQ:CHMG) from a sell rating to a hold rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “CHEMUNG FINANCIAL CORP. is a bank holding company, engaged thru the bank in full-service commercial and consumer banking and trust business. “

Several other equities analysts have also recently weighed in on CHMG. ValuEngine upgraded Chemung Financial from a sell rating to a hold rating in a report on Monday, February 4th. Sandler O’Neill cut Chemung Financial from a buy rating to a hold rating in a research note on Monday, April 22nd.



NASDAQ:CHMG opened at $47.22 on Monday. Chemung Financial has a fifty-two week low of $36.87 and a fifty-two week high of $53.99. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.07. The stock has a market cap of $228.31 million, a PE ratio of 12.43 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a net margin of 22.32% and a return on equity of 10.95%. The business had revenue of $20.09 million for the quarter, compared to the consensus estimate of $20.32 million. As a group, equities analysts expect that Chemung Financial will post 3.82 EPS for the current fiscal year.

In other news, Director Jeffrey B. Streeter bought 594 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were purchased at an average price of $47.11 per share, for a total transaction of $27,983.34. Following the purchase, the director now owns 1,000 shares of the company’s stock, valued at approximately $47,110. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.98% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHMG. BNP Paribas Arbitrage SA lifted its stake in Chemung Financial by 655.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock valued at $33,000 after acquiring an additional 610 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock valued at $87,000 after acquiring an additional 1,325 shares in the last quarter. Ramsey Quantitative Systems lifted its stake in Chemung Financial by 29.4% in the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock valued at $138,000 after acquiring an additional 757 shares in the last quarter. Bank of America Corp DE lifted its stake in Chemung Financial by 10.8% in the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock valued at $194,000 after acquiring an additional 457 shares in the last quarter. Finally, EJF Capital LLC bought a new stake in Chemung Financial in the 4th quarter valued at approximately $201,000. Hedge funds and other institutional investors own 34.50% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

See Also: Penny Stocks

Get a free copy of the Zacks research report on Chemung Financial (CHMG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.