Chemung Financial (CHMG) Rating Lowered to Hold at ValuEngine

Chemung Financial (NASDAQ:CHMG) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Chemung Financial (CHMG) traded up $3.39 on Friday, reaching $52.14. The company had a trading volume of 4,577 shares, compared to its average volume of 3,819. Chemung Financial has a one year low of $31.72 and a one year high of $53.67. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The stock has a market cap of $247.16, a PE ratio of 19.90 and a beta of 0.22.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.05. Chemung Financial had a return on equity of 8.39% and a net margin of 15.94%. The company had revenue of $19.93 million during the quarter.

In other Chemung Financial news, CFO Karl Francis Krebs sold 750 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $46.67, for a total value of $35,002.50. Following the completion of the sale, the chief financial officer now directly owns 3,462 shares in the company, valued at approximately $161,571.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 22.28% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Chemung Financial by 38.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 15,917 shares of the bank’s stock worth $749,000 after buying an additional 4,400 shares during the period. Schwab Charles Investment Management Inc. purchased a new stake in shares of Chemung Financial in the 3rd quarter worth $212,000. Wells Fargo & Company MN lifted its holdings in shares of Chemung Financial by 22.5% in the 3rd quarter. Wells Fargo & Company MN now owns 7,941 shares of the bank’s stock worth $374,000 after buying an additional 1,457 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Chemung Financial by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,800 shares of the bank’s stock worth $309,000 after buying an additional 1,220 shares during the period. Finally, Macquarie Group Ltd. purchased a new stake in shares of Chemung Financial in the 3rd quarter worth $213,000. Institutional investors and hedge funds own 30.90% of the company’s stock.

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Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG).

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