Chemung Financial (NASDAQ:CHMG) Upgraded to “Buy” at StockNews.com

Chemung Financial (NASDAQ:CHMG) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

Chemung Financial Trading Down 0.1 %

Shares of CHMG traded down $0.07 on Tuesday, reaching $51.79. 18,062 shares of the company’s stock were exchanged, compared to its average volume of 10,156. Chemung Financial has a 12 month low of $39.00 and a 12 month high of $52.59. The stock has a market capitalization of $246.52 million, a P/E ratio of 11.46 and a beta of 0.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average price of $47.60 and a two-hundred day moving average price of $45.84.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. Chemung Financial had a return on equity of 10.91% and a net margin of 14.56%. The company had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. Research analysts anticipate that Chemung Financial will post 4.94 earnings per share for the current year.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 12.04% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bright Futures Wealth Management LLC. bought a new stake in shares of Chemung Financial in the second quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Chemung Financial during the third quarter valued at approximately $324,000. Bank of New York Mellon Corp grew its stake in Chemung Financial by 3.5% in the second 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 in the last quarter. Empowered Funds LLC raised its stake in shares of Chemung Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Chemung Financial by 8.7% in the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after buying an additional 2,011 shares during 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.