Chemung Financial (NASDAQ:CHMG) Upgraded at StockNews.com

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

Chemung Financial Trading Down 0.7 %

Shares of CHMG stock opened at $51.45 on Tuesday. The stock has a fifty day simple moving average of $47.90 and a two-hundred day simple moving average of $45.98. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $52.59. The firm has a market capitalization of $244.90 million, a PE ratio of 11.38 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

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

Chemung Financial Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Large investors have recently added to or reduced their stakes in the company. Bright Futures Wealth Management LLC. purchased a new position in shares of Chemung Financial in the second quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Chemung Financial in the 3rd quarter worth $324,000. Bank of New York Mellon Corp increased its holdings in shares of 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 worth $558,000 after buying an additional 397 shares during the last quarter. Martingale Asset Management L P raised its position in shares of Chemung Financial by 61.8% during the 3rd 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. Finally, Empowered Funds LLC lifted its holdings in shares of Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after acquiring an additional 1,400 shares during the last quarter. Institutional investors 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.