Shares of Chemung Financial Corp. (NASDAQ:CHMG) have been assigned an average rating of “Hold” from the six analysts that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $49.00.
A number of analysts have recently commented on the company. ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods started coverage on shares of Chemung Financial in a research report on Friday. They issued a “market perform” rating and a $49.00 price target on the stock. Zacks Investment Research upgraded shares of Chemung Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Finally, DA Davidson reissued a “neutral” rating on shares of Chemung Financial in a report on Wednesday, September 11th.
Institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its position in shares of Chemung Financial by 77.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,815 shares of the bank’s stock valued at $88,000 after acquiring an additional 790 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Chemung Financial in the first quarter worth about $185,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Chemung Financial in the second quarter worth about $225,000. Rhumbline Advisers increased its position in shares of Chemung Financial by 9.0% in the third quarter. Rhumbline Advisers now owns 5,453 shares of the bank’s stock worth $229,000 after acquiring an additional 449 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Chemung Financial by 7.7% in the third quarter. California Public Employees Retirement System now owns 6,155 shares of the bank’s stock worth $259,000 after acquiring an additional 441 shares in the last quarter. Hedge funds and other institutional investors own 36.23% of the company’s stock.
NASDAQ CHMG opened at $44.80 on Friday. Chemung Financial has a 12 month low of $36.87 and a 12 month high of $51.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $217.13 million, a PE ratio of 11.79 and a beta of 0.30. The company’s 50 day simple moving average is $44.60 and its 200 day simple moving average is $44.17.
Chemung Financial (NASDAQ:CHMG) last released its earnings results on Friday, October 18th. The bank reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.12). Chemung Financial had a return on equity of 9.57% and a net margin of 19.72%. The firm had revenue of $20.10 million during the quarter, compared to analyst estimates of $20.50 million. Sell-side analysts anticipate that Chemung Financial will post 3.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 23rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, December 20th. Chemung Financial’s payout ratio is 27.37%.
Chemung Financial Company Profile
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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