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 report issued on Wednesday.

Chemung Financial Stock Performance

Shares of CHMG stock opened at $50.65 on Wednesday. Chemung Financial has a one year low of $39.00 and a one year high of $52.59. The company’s 50-day moving average is $48.18 and its 200 day moving average is $46.20. The company has a market capitalization of $241.09 million, a price-to-earnings ratio of 11.21 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating 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 company had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. Sell-side analysts expect that Chemung Financial will post 4.94 EPS for the current fiscal year.

Insider Activity at Chemung Financial

In other news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares of the company’s stock, 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 SEC, which is available through this link. 12.04% of the stock is currently owned by insiders.

Institutional Trading of Chemung Financial

A number of institutional investors have recently made changes to their positions in CHMG. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial during the 3rd quarter valued at about $324,000. Barclays PLC boosted its holdings in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after acquiring an additional 5,788 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after acquiring an additional 5,649 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank’s stock valued at $6,342,000 after acquiring an additional 5,584 shares during the last quarter. Finally, Martingale Asset Management L P boosted its holdings in shares of Chemung Financial by 61.8% during the 3rd quarter. Martingale Asset Management L P now owns 12,078 shares of the bank’s stock valued at $580,000 after acquiring an additional 4,611 shares during the last quarter. Hedge funds and other institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.