Chemung Financial (NASDAQ:CHMG) Stock Rating Upgraded by StockNews.com

Chemung Financial (NASDAQ:CHMG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $51.79 on Tuesday. The firm has a market capitalization of $246.52 million, a price-to-earnings ratio of 11.46 and a beta of 0.15. The company has a 50 day moving average price of $47.80 and a 200 day moving average price of $45.94. Chemung Financial has a one year low of $39.00 and a one year high of $52.59. 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 released 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 for the quarter, compared to analyst estimates of $24.00 million. Sell-side analysts anticipate that Chemung Financial will post 4.94 EPS for the current year.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 12.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chemung Financial

Large investors have recently added to or reduced their stakes in the stock. Bright Futures Wealth Management LLC. acquired a new position in shares of Chemung Financial during the second quarter worth approximately $200,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Chemung Financial during the 3rd quarter valued at $324,000. Bank of New York Mellon Corp lifted 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 valued at $558,000 after buying an additional 397 shares during the period. Empowered Funds LLC grew its holdings in Chemung Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock worth $796,000 after acquiring an additional 1,400 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in shares of Chemung Financial by 8.7% in the 1st quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after purchasing an additional 2,011 shares in the last quarter. 47.50% of the stock is owned by institutional investors and hedge funds.

About Chemung Financial

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.