Chemung Financial (NASDAQ:CHMG) Downgraded to Hold Rating by StockNews.com

Chemung Financial (NASDAQ:CHMG - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday.

Chemung Financial Price Performance

Shares of CHMG traded down $0.55 during trading hours on Wednesday, reaching $50.10. 10,402 shares of the company's stock traded hands, compared to its average volume of 10,183. Chemung Financial has a 12 month low of $39.00 and a 12 month high of $52.59. The firm's 50 day simple moving average is $48.18 and its 200-day simple moving average is $46.20. The stock has a market cap of $238.48 million, a PE ratio of 11.21 and a beta of 0.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The company had revenue of $38.28 million during the quarter, compared to analysts' expectations of $24.00 million. Equities analysts expect that Chemung Financial will post 4.94 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.04% of the company's stock.

Institutional Investors Weigh In On Chemung Financial

A number of large investors have recently bought and sold shares of CHMG. Vanguard Group Inc. increased its holdings in Chemung Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 188,331 shares of the bank's stock worth $8,000,000 after purchasing an additional 5,649 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Chemung Financial by 8.7% in the first quarter. Acadian Asset Management LLC now owns 25,057 shares of the bank's stock worth $1,063,000 after acquiring an additional 2,011 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Chemung Financial by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 11,618 shares of the bank's stock worth $558,000 after purchasing an additional 397 shares during the period. Bright Futures Wealth Management LLC. bought a new position in shares of Chemung Financial during the 2nd quarter valued at $200,000. Finally, Dimensional Fund Advisors LP lifted its position in Chemung Financial by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 132,134 shares of the bank's stock worth $6,342,000 after acquiring an additional 5,584 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

About Chemung Financial

Chemung Financial Corporation operates as a bank 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.