Shares of Chemung Financial Corp. (NASDAQ:CHMG) have received an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation. Chemung Financial’s rating score has declined by 50% in the last 90 days as a result of a number of analysts’ upgrades and downgrades.

Analysts have set a 12-month consensus price objective of $51.00 for the company and are anticipating that the company will post $0.97 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 152 out of 255 based on the ratings given to related companies.

Several brokerages have issued reports on CHMG. ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Zacks Investment Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 27th.

NASDAQ:CHMG traded down $0.78 during midday trading on Friday, reaching $49.00. 8,284 shares of the stock traded hands, compared to its average volume of 14,879. The stock has a market capitalization of $237.16 million, a price-to-earnings ratio of 12.89 and a beta of 0.15. Chemung Financial has a 12-month low of $36.87 and a 12-month high of $53.99. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.03.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a return on equity of 11.30% and a net margin of 22.40%. The company had revenue of $20.09 million during the quarter, compared to analysts’ expectations of $20.32 million. As a group, analysts expect that Chemung Financial will post 3.99 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 18th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.04 annualized dividend and a dividend yield of 2.12%. Chemung Financial’s payout ratio is 27.37%.

In other news, Director Jeffrey B. Streeter acquired 594 shares of Chemung Financial stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average price of $47.11 per share, for a total transaction of $27,983.34. Following the transaction, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $47,110. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Denise V. Gonick acquired 1,000 shares of Chemung Financial stock in a transaction that occurred on Monday, January 28th. The shares were purchased at an average price of $41.76 per share, for a total transaction of $41,760.00. Following the transaction, the director now directly owns 1,276 shares in the company, valued at $53,285.76. The disclosure for this purchase can be found here. Company insiders own 18.98% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. O Shaughnessy Asset Management LLC raised its stake in Chemung Financial by 164.0% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after buying an additional 1,325 shares during the period. Ramsey Quantitative Systems lifted its position in Chemung Financial by 29.4% during the fourth quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock valued at $138,000 after acquiring an additional 757 shares during the last quarter. Bank of America Corp DE lifted its position in Chemung Financial by 10.8% during the fourth quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock valued at $194,000 after acquiring an additional 457 shares during the last quarter. EJF Capital LLC purchased a new stake in Chemung Financial during the fourth quarter valued at approximately $201,000. Finally, Bessemer Group Inc. lifted its position in Chemung Financial by 147.8% during the fourth quarter. Bessemer Group Inc. now owns 5,700 shares of the bank’s stock valued at $235,000 after acquiring an additional 3,400 shares during the last quarter. Institutional investors and hedge funds own 34.82% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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