StockNews.com Downgrades Chemung Financial (NASDAQ:CHMG) to Hold

Chemung Financial (NASDAQ:CHMG) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $50.64 on Wednesday. Chemung Financial has a 52 week low of $39.00 and a 52 week high of $52.59. The firm’s 50-day simple moving average is $48.34 and its two-hundred day simple moving average is $46.26. The firm has a market cap of $240.97 million, a price-to-earnings ratio of 11.20 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%. The business had revenue of $38.28 million during the quarter, compared to analyst estimates of $24.00 million. As a group, equities analysts forecast that Chemung Financial will post 4.94 earnings per share for the current year.

Insider Activity at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. This represents a 17.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after buying an additional 5,649 shares in the last quarter. Acadian Asset Management LLC boosted its position in Chemung Financial by 8.7% during the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock valued at $1,063,000 after buying an additional 2,011 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Chemung Financial by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after buying an additional 397 shares during the period. Bright Futures Wealth Management LLC. bought a new stake in shares of Chemung Financial in the 2nd quarter valued at about $200,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the period. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.