Chemung Financial (NASDAQ:CHMG) Upgraded at Zacks Research

Chemung Financial (NASDAQ:CHMG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

Several other brokerages have also commented on CHMG. DA Davidson set a $96.00 price objective on Chemung Financial in a report on Monday. Keefe, Bruyette & Woods raised their price objective on Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Raymond James Financial restated an “outperform” rating and set a $90.00 target price on shares of Chemung Financial in a research note on Tuesday. Wall Street Zen lowered Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Finally, UBS Group reaffirmed an “outperform” rating on shares of Chemung Financial in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.75.

Chemung Financial Price Performance

NASDAQ:CHMG opened at $85.21 on Monday. Chemung Financial has a 52 week low of $50.05 and a 52 week high of $86.65. The firm has a 50 day moving average of $82.29 and a 200 day moving average of $69.87.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Thursday, October 22nd. The bank reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.67. The firm had revenue of $31.98 million during the quarter, compared to analyst estimates of $31.87 million. Equities research analysts anticipate that Chemung Financial will post 7.54 EPS for the current year.

Insider Buying and Selling

In other news, EVP Loren Cole sold 5,160 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares of the company’s stock, valued at approximately $431,194. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in Chemung Financial in the second quarter valued at approximately $28,000. Deutsche Bank AG acquired a new stake in Chemung Financial during the 2nd quarter valued at approximately $301,000. Algert Global LLC acquired a new stake in Chemung Financial during the 2nd quarter valued at approximately $494,000. Bank of America Corp DE acquired a new stake in Chemung Financial during the 2nd quarter valued at approximately $1,058,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Chemung Financial in the 2nd quarter valued at $1,149,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York’s Southern Tier.