Chemung Financial (NASDAQ:CHMG) Upgraded at StockNews.com

Chemung Financial (NASDAQ:CHMG) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Chemung Financial Stock Down 0.1 %

Shares of CHMG traded down $0.07 during trading hours on Tuesday, reaching $51.79. The company’s stock had a trading volume of 18,062 shares, compared to its average volume of 10,156. The company has a 50 day moving average of $47.60 and a two-hundred day moving average of $45.84. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.42. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $52.59. The firm has a market cap of $246.52 million, a price-to-earnings ratio of 11.46 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results 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 return on equity of 10.91% and a net margin of 14.56%. The business had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $24.00 million. As a group, research analysts predict that Chemung Financial will post 4.94 EPS for the current fiscal year.

Insider Activity

In related news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at $244,322.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.04% of the stock is currently owned by company insiders.

Institutional Trading of Chemung Financial

A number of large investors have recently bought and sold shares of CHMG. Empowered Funds LLC boosted its stake in shares of Chemung Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,733 shares of the bank’s stock valued at $796,000 after purchasing an additional 1,400 shares in the last quarter. Vanguard Group Inc. boosted its position in Chemung Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 188,331 shares of the bank’s stock valued at $8,000,000 after buying an additional 5,649 shares in the last quarter. Acadian Asset Management LLC grew its stake in Chemung Financial by 8.7% during the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank’s stock worth $1,063,000 after buying an additional 2,011 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank’s stock worth $558,000 after buying an additional 397 shares in the last quarter. Finally, Bright Futures Wealth Management LLC. bought a new position in shares of Chemung Financial in the second quarter valued at approximately $200,000. 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.