Chemung Financial Corp. (NASDAQ:CHMG) Receives Consensus Rating of “Hold” from Analysts

Shares of Chemung Financial Corp. (NASDAQ:CHMG) have earned a consensus broker rating score of 3.00 (Hold) from the two analysts that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.

Brokerages have set a twelve-month consensus price target of $51.00 for the company and are forecasting that the company will post $0.93 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 195 out of 256 based on the ratings given to related companies.

A number of research analysts recently weighed in on the company. Zacks Investment Research raised Global Ship Lease from a “hold” rating to a “strong-buy” rating and set a $7.75 price objective for the company in a research report on Monday, June 3rd. ValuEngine lowered Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Sandler O’Neill set a $60.00 price objective on Eagle Bancorp and gave the company a “buy” rating in a research report on Monday, April 22nd.

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its position in Chemung Financial by 655.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock valued at $33,000 after buying an additional 610 shares in the last quarter. Marshall Wace LLP bought a new position in Chemung Financial during the 1st quarter valued at approximately $185,000. Bank of America Corp DE boosted its stake in Chemung Financial by 10.8% during the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock valued at $194,000 after purchasing an additional 457 shares during the last quarter. Rhumbline Advisers purchased a new stake in Chemung Financial during the 1st quarter valued at $224,000. Finally, Bessemer Group Inc. boosted its stake in Chemung Financial by 147.8% during the 4th quarter. Bessemer Group Inc. now owns 5,700 shares of the bank’s stock valued at $235,000 after purchasing an additional 3,400 shares during the last quarter. 35.23% of the stock is owned by institutional investors.

Shares of NASDAQ:CHMG traded up $1.24 during trading on Friday, hitting $48.75. The stock had a trading volume of 8,300 shares, compared to its average volume of 8,391. 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 0.90. The company has a market cap of $227.27 million, a P/E ratio of 12.83 and a beta of 0.26. The company has a fifty day moving average of $47.17.

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). Chemung Financial had a net margin of 22.32% and a return on equity of 10.95%. The company had revenue of $20.09 million for the quarter, compared to the consensus estimate of $20.32 million. As a group, equities analysts expect that Chemung Financial will post 3.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, June 14th. Chemung Financial’s dividend payout ratio (DPR) is presently 27.37%.

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.

See Also: What is the CBOE Russell 2000® Volatility Index?

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.