Chemung Financial Corp. (NASDAQ:CHMG) has been assigned an average broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company.
Analysts have set a 12 month consensus price objective of $45.50 for the company and are anticipating that the company will post $1.03 EPS for the current quarter, according to Zacks. Zacks has also given Chemung Financial an industry rank of 160 out of 256 based on the ratings given to its competitors.
A number of analysts have recently issued reports on CHMG shares. Zacks Investment Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a report on Wednesday, November 28th. FIG Partners assumed coverage on shares of Chemung Financial in a report on Friday, September 28th. They set a “hold” rating and a $47.00 price objective for the company. Finally, ValuEngine downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.
Institutional investors have recently bought and sold shares of the business. LSV Asset Management lifted its stake in Chemung Financial by 10.9% in the second quarter. LSV Asset Management now owns 15,250 shares of the bank’s stock worth $764,000 after purchasing an additional 1,500 shares during the last quarter. Northern Trust Corp increased its position in shares of Chemung Financial by 3.5% in the second quarter. Northern Trust Corp now owns 35,496 shares of the bank’s stock valued at $1,778,000 after acquiring an additional 1,196 shares during the period. BlackRock Inc. increased its position in shares of Chemung Financial by 10.9% in the second quarter. BlackRock Inc. now owns 162,691 shares of the bank’s stock valued at $8,152,000 after acquiring an additional 15,974 shares during the period. Private Advisor Group LLC purchased a new position in shares of Chemung Financial in the second quarter valued at about $322,000. Finally, Alpine Woods Capital Investors LLC purchased a new position in shares of Chemung Financial in the third quarter valued at about $212,000. 34.45% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ CHMG traded down $2.22 during mid-day trading on Thursday, reaching $39.69. 10,100 shares of the company were exchanged, compared to its average volume of 8,309. Chemung Financial has a 52 week low of $36.87 and a 52 week high of $53.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $198.57 million, a P/E ratio of 17.64 and a beta of 0.04.
Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Thursday, October 18th. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.18. Chemung Financial had a net margin of 13.51% and a return on equity of 8.58%. The company had revenue of $22.46 million during the quarter, compared to the consensus estimate of $20.81 million. As a group, analysts forecast that Chemung Financial will post 3.47 EPS for the current fiscal year.
The firm also recently declared a dividend, which was paid on Monday, December 31st. Shareholders of record on Wednesday, December 19th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, December 18th. Chemung Financial’s dividend payout ratio is presently 46.22%.
Chemung Financial Company Profile
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
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