Shares of Chemung Financial Corp (NASDAQ:CHMG – Get Free Report) have earned an average recommendation of “Moderate Buy” from the five analysts that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $87.67.
Several research firms recently issued reports on CHMG. Raymond James Financial assumed coverage on Chemung Financial in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 price target for the company. Keefe, Bruyette & Woods lifted their target price on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Wall Street Zen downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st.
Read Our Latest Stock Report on Chemung Financial
Insider Transactions at Chemung Financial
Institutional Trading of Chemung Financial
A number of institutional investors have recently modified their holdings of CHMG. Bank of New York Mellon Corp bought a new stake in Chemung Financial during the second quarter worth about $1,149,000. Bank of America Corp DE acquired a new position in shares of Chemung Financial in the 2nd quarter valued at approximately $1,058,000. BlackRock Inc. acquired a new position in shares of Chemung Financial in the 2nd quarter valued at approximately $29,197,000. Hudock Inc. bought a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $1,634,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Chemung Financial during the 2nd quarter worth approximately $2,347,000. 47.50% of the stock is currently owned by institutional investors.
Chemung Financial Trading Down 0.0%
Shares of CHMG stock opened at $81.91 on Tuesday. The firm has a 50 day moving average price of $82.57 and a two-hundred day moving average price of $72.68. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $394.81 million, a PE ratio of 11.77 and a beta of 0.58. Chemung Financial has a 12-month low of $49.82 and a 12-month high of $86.00.
Chemung Financial (NASDAQ:CHMG – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. The company had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. As a group, analysts predict that Chemung Financial will post 7.54 earnings per share for the current year.
Chemung Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, September 17th. Chemung Financial’s dividend payout ratio is presently 20.69%.
About Chemung Financial
Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, businesses, municipalities and nonprofit organizations.
The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.
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