Chemung Financial (CHMG) Stock Rating Lowered by Zacks Investment Research

Chemung Financial (NASDAQ:CHMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “CHEMUNG FINANCIAL CORP. is a bank holding company, engaged thru the bank in full-service commercial and consumer banking and trust business. “

A number of other research firms have also recently weighed in on CHMG. ValuEngine raised shares of Chemung Financial from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Sandler O’Neill cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Monday.

Shares of NASDAQ:CHMG traded up $1.02 during mid-day trading on Tuesday, reaching $49.73. 3,644 shares of the company were exchanged, compared to its average volume of 9,631. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $236.94 million, a P/E ratio of 13.09 and a beta of 0.15. Chemung Financial has a 1 year low of $36.87 and a 1 year high of $53.99.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). The company had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $20.32 million. Chemung Financial had a return on equity of 11.19% and a net margin of 22.32%. Research analysts forecast that Chemung Financial will post 3.99 earnings per share for the current fiscal year.

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 594 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was bought at an average price of $47.11 per share, with a total value of $27,983.34. Following the transaction, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $47,110. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Denise V. Gonick purchased 1,000 shares of the firm’s stock in a transaction on Monday, January 28th. The stock was acquired at an average cost of $41.76 per share, with a total value of $41,760.00. Following the transaction, the director now directly owns 1,276 shares in the company, valued at $53,285.76. The disclosure for this purchase can be found here. Company insiders own 18.98% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in Chemung Financial by 14.8% in the 3rd quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock valued at $2,994,000 after buying an additional 9,075 shares during the period. Ramsey Quantitative Systems boosted its position in Chemung Financial by 29.4% in the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock valued at $138,000 after buying an additional 757 shares during the period. Basswood Capital Management L.L.C. boosted its position in Chemung Financial by 11.4% in the 4th quarter. Basswood Capital Management L.L.C. now owns 267,032 shares of the bank’s stock valued at $11,031,000 after buying an additional 27,243 shares during the period. Vanguard Group Inc boosted its position in Chemung Financial by 10.4% in the 3rd quarter. Vanguard Group Inc now owns 149,786 shares of the bank’s stock valued at $6,356,000 after buying an additional 14,165 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock valued at $87,000 after buying an additional 1,325 shares during the period. 34.82% of the stock is owned by institutional investors.

About Chemung Financial

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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