Analysts Expect Chemung Financial Corp. (NASDAQ:CHMG) Will Announce Quarterly Sales of $19.93 Million

Equities analysts expect that Chemung Financial Corp. (NASDAQ:CHMG) will announce sales of $19.93 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Chemung Financial’s earnings. The lowest sales estimate is $19.86 million and the highest is $20.00 million. Chemung Financial reported sales of $20.09 million in the same quarter last year, which indicates a negative year over year growth rate of 0.8%. The business is scheduled to issue its next earnings report on Wednesday, April 15th.

According to Zacks, analysts expect that Chemung Financial will report full year sales of $80.95 million for the current fiscal year, with estimates ranging from $80.60 million to $81.30 million. For the next financial year, analysts expect that the firm will post sales of $83.35 million, with estimates ranging from $82.40 million to $84.30 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Chemung Financial.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.12). The company had revenue of $20.31 million for the quarter, compared to analyst estimates of $20.42 million. Chemung Financial had a return on equity of 8.79% and a net margin of 17.94%.

Several brokerages have weighed in on CHMG. Zacks Investment Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods began coverage on Chemung Financial in a research report on Friday, December 20th. They set a “market perform” rating and a $49.00 price target on the stock. Finally, ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $45.50.

Institutional investors and hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System grew its position in shares of Chemung Financial by 7.7% during the 3rd quarter. California Public Employees Retirement System now owns 6,155 shares of the bank’s stock valued at $259,000 after acquiring an additional 441 shares during the period. Rhumbline Advisers grew its position in shares of Chemung Financial by 9.0% during the 3rd quarter. Rhumbline Advisers now owns 5,453 shares of the bank’s stock valued at $229,000 after acquiring an additional 449 shares during the period. State Street Corp grew its position in shares of Chemung Financial by 0.9% during the 3rd quarter. State Street Corp now owns 51,938 shares of the bank’s stock valued at $2,195,000 after acquiring an additional 485 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Chemung Financial by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 5,654 shares of the bank’s stock valued at $240,000 after acquiring an additional 803 shares during the period. Finally, Chemung Canal Trust Co. grew its position in shares of Chemung Financial by 0.3% during the 3rd quarter. Chemung Canal Trust Co. now owns 401,162 shares of the bank’s stock valued at $16,849,000 after acquiring an additional 1,069 shares during the period. 36.09% of the stock is currently owned by institutional investors.

Shares of CHMG opened at $38.85 on Friday. The business’s 50-day moving average is $40.90 and its two-hundred day moving average is $42.49. The company has a market capitalization of $188.42 million, a P/E ratio of 12.10 and a beta of 0.28. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. Chemung Financial has a fifty-two week low of $38.31 and a fifty-two week high of $51.00.

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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