Chemung Financial (NASDAQ:CHMG) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Chemung Financial (NASDAQ:CHMG) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

Chemung Financial Trading Up 1.5 %

Chemung Financial stock opened at $51.40 on Wednesday. Chemung Financial has a one year low of $39.00 and a one year high of $52.59. The business’s fifty day moving average is $48.42 and its 200 day moving average is $46.33. The stock has a market capitalization of $244.66 million, a PE ratio of 11.37 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results 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. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The firm had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. On average, sell-side analysts predict that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.41%. Chemung Financial’s payout ratio is 27.43%.

Insider Transactions at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 represents a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Chemung Financial by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after purchasing an additional 5,584 shares in the last quarter. Geode Capital Management LLC grew its holdings in Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares during the period. Renaissance Technologies LLC increased its position in Chemung Financial by 4.3% in the second quarter. Renaissance Technologies LLC now owns 34,322 shares of the bank’s stock worth $1,647,000 after buying an additional 1,400 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Chemung Financial by 8.2% in the second quarter. Acadian Asset Management LLC now owns 27,111 shares of the bank’s stock worth $1,299,000 after buying an additional 2,054 shares in the last quarter. 47.50% of the stock is currently 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.