StockNews.com Begins Coverage on Chemung Financial (NASDAQ:CHMG)

Research analysts at StockNews.com initiated coverage on shares of Chemung Financial (NASDAQ:CHMGGet Rating) in a report issued on Wednesday. The firm set a “hold” rating on the bank’s stock.

NASDAQ:CHMG opened at $41.70 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $194.91 million, a P/E ratio of 7.30 and a beta of 0.06. Chemung Financial has a 12 month low of $41.61 and a 12 month high of $49.50. The business’s 50-day moving average is $45.34 and its 200 day moving average is $45.70.

Chemung Financial (NASDAQ:CHMGGet Rating) last issued its quarterly earnings data on Thursday, April 21st. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.22. Chemung Financial had a return on equity of 13.26% and a net margin of 28.58%. The company had revenue of $22.34 million for the quarter, compared to analysts’ expectations of $22.14 million. On average, research analysts forecast that Chemung Financial will post 5.11 earnings per share for the current year.

In related news, EVP Loren D. Cole sold 1,798 shares of the stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $42.78, for a total value of $76,918.44. Following the transaction, the executive vice president now owns 1,922 shares of the company’s stock, valued at $82,223.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Denise V. Gonick acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was purchased at an average cost of $44.95 per share, for a total transaction of $44,950.00. Following the purchase, the director now owns 4,187 shares of the company’s stock, valued at $188,205.65. The disclosure for this purchase can be found here. Insiders own 13.32% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Forum Financial Management LP purchased a new stake in Chemung Financial during the fourth quarter worth $1,039,000. BHZ Capital Management LP lifted its holdings in Chemung Financial by 38.5% during the fourth quarter. BHZ Capital Management LP now owns 7,426 shares of the bank’s stock worth $345,000 after buying an additional 2,065 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chemung Financial by 9.3% during the third quarter. Dimensional Fund Advisors LP now owns 89,059 shares of the bank’s stock worth $4,034,000 after buying an additional 7,559 shares during the period. BlackRock Inc. lifted its holdings in Chemung Financial by 45.8% during the first quarter. BlackRock Inc. now owns 16,873 shares of the bank’s stock worth $788,000 after buying an additional 5,300 shares during the period. Finally, Susquehanna International Group LLP lifted its holdings in Chemung Financial by 45.1% during the fourth quarter. Susquehanna International Group LLP now owns 8,573 shares of the bank’s stock worth $392,000 after buying an additional 2,666 shares during the period. Institutional investors own 36.07% of the company’s stock.

Chemung Financial Company Profile (Get Rating)

Chemung Financial Corporation operates as the 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.

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