Chemung Financial Corp. (NASDAQ:CHMG) Receives Average Recommendation of “Buy” from Brokerages

Chemung Financial Corp. (NASDAQ:CHMG) has been assigned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company. Chemung Financial’s rating score has improved by 33.3% in the last 90 days as a result of various analysts’ ratings changes.

Brokers have set a 1 year consensus price objective of $52.00 for the company and are forecasting that the company will post $0.98 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 163 out of 256 based on the ratings given to its competitors.

Several equities analysts recently weighed in on the stock. Sandler O’Neill downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Monday, April 22nd. Janney Montgomery Scott upgraded shares of Chemung Financial from a “neutral” rating to a “buy” rating in a report on Tuesday, August 6th. ValuEngine downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a report on Wednesday, July 17th. Finally, Zacks Investment Research upgraded shares of Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, June 3rd.

A number of large investors have recently modified their holdings of CHMG. Bank of New York Mellon Corp boosted its position in Chemung Financial by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,340 shares of the bank’s stock worth $1,128,000 after purchasing an additional 424 shares in the last quarter. Sullivan Bruyette Speros & Blaney LLC boosted its position in Chemung Financial by 8.0% in the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 5,807 shares of the bank’s stock worth $281,000 after purchasing an additional 431 shares in the last quarter. Bank of America Corp DE boosted its position in Chemung Financial by 10.8% in the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after purchasing an additional 457 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chemung Financial by 6.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 8,519 shares of the bank’s stock worth $412,000 after purchasing an additional 511 shares in the last quarter. Finally, Strs Ohio boosted its position in Chemung Financial by 7.7% in the 2nd quarter. Strs Ohio now owns 8,400 shares of the bank’s stock worth $406,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 35.86% of the company’s stock.

Shares of CHMG traded up $0.89 during mid-day trading on Friday, hitting $41.00. 3,100 shares of the company traded hands, compared to its average volume of 5,294. Chemung Financial has a 1-year low of $36.87 and a 1-year high of $51.00. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $194.25 million, a PE ratio of 10.79 and a beta of 0.23. The business has a 50 day moving average of $45.80 and a 200 day moving average of $46.62.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.01. Chemung Financial had a net margin of 24.94% and a return on equity of 11.97%. The company had revenue of $20.19 million for the quarter, compared to the consensus estimate of $20.59 million. As a group, research analysts expect that Chemung Financial will post 3.92 EPS for the current fiscal year.

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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