Chemung Financial Corp. (NASDAQ:CHMG) has been given an average broker rating score of 3.00 (Hold) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation. Chemung Financial’s rating score has declined by 50% from 90 days ago as a result of various analysts’ upgrades and downgrades.
Analysts have set a 1 year consensus target price of $51.00 for the company and are predicting that the company will post $0.97 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 150 out of 255 based on the ratings given to related companies.
Several equities analysts have weighed in on the company. Zacks Investment Research lowered Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, December 24th. ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a report on Monday, February 4th.
A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. O Shaughnessy Asset Management LLC boosted its holdings in shares of Chemung Financial by 164.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after acquiring an additional 1,325 shares during the period. Ramsey Quantitative Systems boosted its holdings in shares of Chemung Financial by 29.4% in the fourth quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after acquiring an additional 757 shares during the period. Bank of America Corp DE boosted its holdings in shares of Chemung Financial by 10.8% in the fourth quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after acquiring an additional 457 shares during the period. EJF Capital LLC bought a new position in shares of Chemung Financial in the fourth quarter worth $201,000. Finally, Bessemer Group Inc. boosted its holdings in shares of Chemung Financial by 147.8% in the fourth quarter. Bessemer Group Inc. now owns 5,700 shares of the bank’s stock worth $235,000 after acquiring an additional 3,400 shares during the period. 34.82% of the stock is owned by institutional investors and hedge funds.
Shares of CHMG traded down $0.78 on Friday, reaching $49.00. 8,413 shares of the company’s stock traded hands, compared to its average volume of 14,879. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. The company 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 52-week low of $36.87 and a 52-week high of $53.99.
Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a net margin of 22.40% and a return on equity of 11.30%. The business had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $20.32 million. As a group, equities research analysts predict that Chemung Financial will post 3.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 18th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, March 15th. Chemung Financial’s dividend payout ratio (DPR) is 27.37%.
About Chemung Financial
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.
Featured Article: Channel Trading
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.