Zacks Research Upgrades Chemung Financial (NASDAQ:CHMG) to “Strong-Buy”

Posted by Francis Steltz on Oct 28th, 2026

Chemung Financial (NASDAQ:CHMG – Get Free Report) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

CHMG has been the subject of several other reports. Hovde Group started coverage on Chemung Financial in a research report on Monday, October 12th. They set a “market perform” rating and a $88.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. DA Davidson set a $96.00 price objective on shares of Chemung Financial in a research note on Monday. Wall Street Zen cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Saturday, October 3rd. Finally, Weiss Ratings lowered shares of Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.75.

Read Our Latest Report on CHMG

Chemung Financial Trading Down 0.3%

NASDAQ CHMG opened at $85.21 on Monday. The stock has a 50-day simple moving average of $82.29 and a two-hundred day simple moving average of $69.87. Chemung Financial has a fifty-two week low of $50.05 and a fifty-two week high of $86.65.

Chemung Financial (NASDAQ:CHMG – Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The bank reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.67. The company had revenue of $31.98 million during the quarter, compared to analyst estimates of $31.87 million. On average, research analysts anticipate that Chemung Financial will post 7.54 earnings per share for the current year.

Insider Activity

In other news, EVP Loren Cole sold 5,160 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the transaction, the executive vice president owned 5,164 shares in the company, valued at $431,194. This trade represents a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 12.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chemung Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in Chemung Financial in the 2nd quarter worth $28,000. Hsbc Holdings PLC lifted its holdings in Chemung Financial by 6.1% during the first quarter. Hsbc Holdings PLC now owns 19,561 shares of the bank’s stock valued at $1,074,000 after purchasing an additional 1,126 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after purchasing an additional 2,172 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Chemung Financial in the second quarter valued at about $301,000. Finally, Algert Global LLC acquired a new stake in shares of Chemung Financial in the second quarter valued at about $494,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

About Chemung Financial

(Get Free Report)

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, families, businesses and municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York’s Southern Tier.