Chemung Financial (NASDAQ:CHMG) Earns Hold Rating from StockNews.com Analysts

StockNews.com began covering stocks of Chemung Financial (NASDAQ:CHMG – Get a rating) in a research note released Wednesday to investors. The brokerage has placed a “hold” rating on the bank’s shares.

Separately, Zacks Investment Research downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a Monday, Dec. 27 report.

NASDAQ:CHMG opened at $45.79 on Wednesday. The stock has a market capitalization of $213.56 million, a price-earnings ratio of 8.12 and a beta of 0.06. The company has a debt ratio of 0.02, a quick ratio of 0.73 and a current ratio of 0.73. The company has a 50-day moving average price of $45.94. Chemung Financial has a 12-month low of $35.59 and a 12-month high of $49.50.

Chemung Financial (NASDAQ:CHMG – Get Rating) last reported quarterly earnings data on Tuesday, January 25. The bank reported earnings per share of $1.38 for the quarter, beating Thomson Reuters consensus estimate of $1.26 by $0.12. Chemung Financial had a net margin of 28.45% and a return on equity of 13.10%. As a group, stock analysts predict that Chemung Financial will post earnings per share of 4.66 for the current year.

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In other Chemung Financial news, Director Denise V. Gonick sold 800 shares of the company in a trade on Tuesday, February 1. The stock was sold at an average price of $45.62, for a total value of $36,496.00. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. Insiders of the company hold 13.32% of the shares of the company.

A number of institutional investors and hedge funds have recently changed their stock holdings. Forum Financial Management LP bought a new position in Chemung Financial during Q4, valued at approximately $1,039,000. Millennium Management LLC bought a new position in Chemung Financial during Q2, valued at around $783,000. Alliancebernstein LP increased its stake in Chemung Financial by 34.2% during the third quarter. Alliancebernstein LP now owns 65,383 shares of the bank valued at $2,962,000 after acquiring an additional 16,672 shares last quarter. Dimensional Fund Advisors LP increased its stake in Chemung Financial by 14.1% during the second quarter. Dimensional Fund Advisors LP now owns 81,500 shares of the bank valued at $3,611,000 after acquiring 10,073 additional shares in the last quarter. Finally, Man Group plc bought a new position in Chemung Financial during Q2, valued at around $302,000. 36.16% of the shares are currently held by hedge funds and other institutional investors.

Chemung Financial Company Profile (Get an assessment)

Chemung Financial Corp. operates as a holding company. It operates through the following segments: Core Banking and Wealth Management Services (WMG). The Core Banking segment attracts deposits from the general public and uses these funds to originate consumer, commercial, commercial real estate and residential mortgage loans, primarily in the company’s local markets and to invest in securities.

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