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

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

Chemung Financial Stock Up 0.2 %

Shares of CHMG opened at $51.55 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial has a 12 month low of $39.00 and a 12 month high of $52.59. The firm’s 50 day moving average is $48.00 and its 200-day moving average is $46.04. The stock has a market capitalization of $245.38 million, a PE ratio of 11.40 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.06. The firm had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. Equities research analysts forecast that Chemung Financial will post 4.94 EPS for the current year.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.41%. Chemung Financial’s payout ratio is 27.43%.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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 directly owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.04% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

Institutional investors have recently modified their holdings of the business. Bright Futures Wealth Management LLC. bought a new position in Chemung Financial in the second quarter valued at about $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Chemung Financial during the 3rd quarter valued at approximately $324,000. Barclays PLC increased its position in Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after purchasing an additional 5,788 shares in the last quarter. Bank of New York Mellon Corp lifted its stake 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 valued at $558,000 after purchasing an additional 397 shares during the last quarter. Finally, Martingale Asset Management L P boosted its position in Chemung Financial by 61.8% in the third quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after buying an additional 4,611 shares in the last quarter. Institutional investors and hedge funds 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.