Chemung Financial (NASDAQ:CHMG) Rating Lowered to “Hold” at StockNews.com

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

Chemung Financial Trading Down 1.1 %

Shares of CHMG opened at $50.65 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial has a twelve month low of $39.00 and a twelve month high of $52.59. The stock has a market capitalization of $241.09 million, a P/E ratio of 11.21 and a beta of 0.15. The firm has a fifty day simple moving average of $48.18 and a two-hundred day simple moving average of $46.20.

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

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the transaction, the executive vice president now directly owns 4,771 shares in the company, valued at $244,322.91. This trade 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. Company insiders own 12.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CHMG. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Chemung Financial in the 3rd quarter worth about $324,000. Barclays PLC increased its stake in shares of Chemung Financial by 167.9% in the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock worth $444,000 after acquiring an additional 5,788 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Chemung Financial by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock worth $8,000,000 after acquiring an additional 5,649 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chemung Financial by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock worth $6,342,000 after acquiring an additional 5,584 shares in the last quarter. Finally, Martingale Asset Management L P increased its stake in shares of Chemung Financial by 61.8% in the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock worth $580,000 after acquiring an additional 4,611 shares in the last quarter. 47.50% of the stock is currently owned by 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.