Chemung Financial (NASDAQ:CHMG) Upgraded by Raymond James Financial to “Moderate Buy” Rating

Raymond James Financial upgraded shares of Chemung Financial (NASDAQ:CHMG) to a moderate buy rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports.

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings raised shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday. Zacks Research upgraded Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $84.00.

Chemung Financial Trading Up 5.0%

Shares of CHMG opened at $83.90 on Tuesday. The company has a market capitalization of $404.40 million, a P/E ratio of 12.05 and a beta of 0.57. Chemung Financial has a one year low of $49.82 and a one year high of $85.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a 50-day moving average price of $79.18 and a 200 day moving average price of $68.32.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. The firm had revenue of $31.17 million during the quarter, compared to analyst estimates of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. Sell-side analysts forecast that Chemung Financial will post 7.39 EPS for the current fiscal year.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 17th. Chemung Financial’s payout ratio is 19.54%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC lifted its holdings in Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after acquiring an additional 50,209 shares during the last quarter. Rhino Investment Partners Inc lifted its stake in Chemung Financial by 217.8% during the first quarter. Rhino Investment Partners Inc now owns 21,069 shares of the bank’s stock valued at $1,134,000 after buying an additional 14,440 shares in the last quarter. BlackRock Inc. acquired a new stake in Chemung Financial during the 2nd quarter valued at $29,197,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Chemung Financial in the second quarter valued at $1,981,000. Finally, Hsbc Holdings PLC purchased a new position in Chemung Financial during the 2nd quarter valued at about $1,272,000. 47.50% of the stock is owned by institutional investors and hedge funds.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.