Chemung Financial (CHMG) Cut to “Hold” at Sandler O’Neill

Sandler O’Neill lowered shares of Chemung Financial (NASDAQ:CHMG) from a buy rating to a hold rating in a research note issued to investors on Monday, BenzingaRatingsTable reports.

Several other equities research analysts have also commented on CHMG. Zacks Investment Research upgraded Chemung Financial from a hold rating to a buy rating and set a $47.00 price target for the company in a research note on Friday, January 18th. ValuEngine upgraded Chemung Financial from a sell rating to a hold rating in a research note on Monday, February 4th.

NASDAQ CHMG opened at $48.71 on Monday. Chemung Financial has a twelve month low of $36.87 and a twelve month high of $53.99. The stock has a market cap of $236.94 million, a P/E ratio of 12.82 and a beta of 0.15. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a return on equity of 11.19% and a net margin of 22.32%. The business had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $20.32 million. On average, equities analysts anticipate that Chemung Financial will post 3.99 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 18th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.04 annualized dividend and a yield of 2.14%. Chemung Financial’s dividend payout ratio is presently 27.37%.

In related news, Director Jeffrey B. Streeter bought 594 shares of the stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of $47.11 per share, for a total transaction of $27,983.34. Following the completion of the purchase, the director now owns 1,000 shares in the company, valued at $47,110. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Denise V. Gonick bought 1,000 shares of the stock in a transaction dated Monday, January 28th. The stock was bought at an average price of $41.76 per share, with a total value of $41,760.00. Following the purchase, the director now owns 1,276 shares of the company’s stock, valued at approximately $53,285.76. The disclosure for this purchase can be found here. Corporate insiders own 18.98% of the company’s stock.

Several hedge funds have recently bought and sold shares of CHMG. O Shaughnessy Asset Management LLC grew its stake 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 valued at $87,000 after buying an additional 1,325 shares in the last quarter. Ramsey Quantitative Systems grew its stake 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 valued at $138,000 after buying an additional 757 shares in the last quarter. Bank of America Corp DE grew its stake 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 valued at $194,000 after buying an additional 457 shares in the last quarter. EJF Capital LLC acquired a new stake in shares of Chemung Financial in the fourth quarter valued at about $201,000. Finally, Bessemer Group Inc. grew its stake 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 valued at $235,000 after buying an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 34.82% of the company’s stock.

Chemung Financial Company Profile

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.

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