Shares of Chemung Financial Corp. (NASDAQ:CHMG) have earned an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a hold rating. Chemung Financial’s rating score has declined by 50% from three months ago as a result of various analysts’ upgrades and downgrades.
Analysts have set a 12 month consensus price target of $47.00 for the company and are forecasting that the company will post $1.00 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 27 out of 255 based on the ratings given to related companies.
CHMG has been the subject of several recent analyst reports. Zacks Investment Research raised Chemung Financial from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Friday, January 18th. ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, February 4th.
In other news, Director Denise V. Gonick acquired 1,000 shares of Chemung Financial 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 completion of the acquisition, the director now owns 1,276 shares in the company, valued at $53,285.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey B. Streeter acquired 594 shares of Chemung Financial stock in a transaction on Tuesday, March 5th. The shares were purchased at an average cost of $47.11 per share, with a total value of $27,983.34. Following the completion of the acquisition, the director now owns 1,000 shares of the company’s stock, valued at approximately $47,110. The disclosure for this purchase can be found here. Corporate insiders own 20.63% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Basswood Capital Management L.L.C. grew its holdings in Chemung Financial by 11.4% during the fourth quarter. Basswood Capital Management L.L.C. now owns 267,032 shares of the bank’s stock valued at $11,031,000 after purchasing an additional 27,243 shares during the period. BlackRock Inc. grew its holdings in Chemung Financial by 2.6% during the fourth quarter. BlackRock Inc. now owns 171,076 shares of the bank’s stock valued at $7,067,000 after purchasing an additional 4,259 shares during the period. Vanguard Group Inc grew its holdings in Chemung Financial by 10.4% during the third quarter. Vanguard Group Inc now owns 149,786 shares of the bank’s stock valued at $6,356,000 after purchasing an additional 14,165 shares during the period. Vanguard Group Inc. grew its holdings in Chemung Financial by 10.4% during the third quarter. Vanguard Group Inc. now owns 149,786 shares of the bank’s stock valued at $6,356,000 after purchasing an additional 14,165 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Chemung Financial by 14.8% during the third quarter. Renaissance Technologies LLC now owns 70,575 shares of the bank’s stock valued at $2,994,000 after purchasing an additional 9,075 shares during the period. 35.04% of the stock is owned by institutional investors and hedge funds.
Shares of Chemung Financial stock opened at $46.58 on Thursday. Chemung Financial has a one year low of $36.87 and a one year high of $53.99. 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 cap of $225.62 million, a P/E ratio of 12.26 and a beta of 0.16.
Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, January 23rd. The bank reported $1.09 EPS for the quarter, topping the consensus estimate of $1.03 by $0.06. The firm had revenue of $20.38 million during the quarter, compared to the consensus estimate of $20.98 million. Chemung Financial had a return on equity of 11.53% and a net margin of 22.40%. Equities research analysts expect that Chemung Financial will post 3.99 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 18th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, March 15th. Chemung Financial’s dividend payout ratio is presently 27.37%.
Chemung Financial Company Profile
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
Recommended Story: Cost of Capital Explained
Get a free copy of the Zacks research report on Chemung Financial (CHMG)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.