Zacks Investment Research upgraded shares of Chemung Financial (NASDAQ:CHMG) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “CHEMUNG FINANCIAL CORP. is a bank holding company, engaged thru the bank in full-service commercial and consumer banking and trust business. “

CHMG has been the subject of a number of other reports. ValuEngine raised Chemung Financial from a sell rating to a hold rating in a report on Monday, February 4th. Sandler O’Neill cut Chemung Financial from a buy rating to a hold rating in a report on Monday, April 22nd.

Shares of NASDAQ:CHMG opened at $49.37 on Monday. The company has a market cap of $228.33 million, a P/E ratio of 12.99 and a beta of 0.15. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. Chemung Financial has a 12-month low of $36.87 and a 12-month high of $53.99.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, April 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). The company had revenue of $20.09 million for the quarter, compared to the consensus estimate of $20.32 million. Chemung Financial had a net margin of 22.32% and a return on equity of 10.95%. On average, sell-side analysts expect that Chemung Financial will post 3.82 earnings per share for the current year.

In other Chemung Financial news, Director Jeffrey B. Streeter purchased 594 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average cost of $47.11 per share, with a total value of $27,983.34. Following the acquisition, the director now owns 1,000 shares in the company, valued at $47,110. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 938 shares of company stock worth $45,355. 18.98% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA lifted its holdings in Chemung Financial by 655.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock worth $33,000 after purchasing an additional 610 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after purchasing an additional 1,325 shares in the last quarter. Ramsey Quantitative Systems lifted its holdings in Chemung Financial by 29.4% in the 4th quarter. Ramsey Quantitative Systems now owns 3,331 shares of the bank’s stock worth $138,000 after purchasing an additional 757 shares in the last quarter. Marshall Wace LLP purchased a new position in Chemung Financial in the 1st quarter worth approximately $185,000. Finally, Bank of America Corp DE raised its holdings in shares of Chemung Financial by 10.8% during the 4th 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 in the last quarter. 34.69% of the stock is currently owned by institutional investors.

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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