Bank of America – $21.16 Million in Sales Expected for Chemung Financial Co. (NASDAQ:CHMG) This Quarter
Brokerages expect that Chemung Financial Co. (NASDAQ:CHMG) will post $21.16 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Chemung Financial’s earnings, with the lowest sales estimate coming in at $20.90 million and the highest estimate coming in at $21.41 million. Chemung Financial posted sales of $20.31 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.2%. The firm is expected to issue its next earnings results on Wednesday, January 27th.
On average, analysts expect that Chemung Financial will report full-year sales of $82.45 million for the current year, with estimates ranging from $81.90 million to $83.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $80.25 million, with estimates ranging from $78.40 million to $82.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Chemung Financial.
Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings data on Monday, October 19th. The bank reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.52. Chemung Financial had a return on equity of 9.54% and a net margin of 21.06%. The company had revenue of $21.21 million for the quarter, compared to the consensus estimate of $20.20 million.
Several research firms have issued reports on CHMG. TheStreet upgraded Chemung Financial from a “c+” rating to a “b” rating in a report on Friday, October 23rd. Zacks Investment Research downgraded Chemung Financial from a “buy” rating to a “hold” rating in a report on Tuesday, December 22nd. DA Davidson downgraded Chemung Financial from a “buy” rating to a “neutral” rating and boosted their price target for the company from $32.00 to $37.00 in a report on Thursday, October 22nd. Finally, ValuEngine upgraded Chemung Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 1st.
CHMG stock opened at $33.95 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. Chemung Financial has a 52-week low of $21.75 and a 52-week high of $43.11. The stock’s 50 day moving average is $34.54 and its two-hundred day moving average is $30.91. The company has a market capitalization of $158.11 million, a PE ratio of 9.01 and a beta of 0.06.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Chemung Financial by 34.2% during the 2nd quarter. Bank of America Corp DE now owns 2,754 shares of the bank’s stock worth $75,000 after buying an additional 702 shares during the last quarter. Marshall Wace LLP bought a new position in Chemung Financial during the 1st quarter worth $185,000. Private Advisor Group LLC grew its stake in Chemung Financial by 8.4% during the 2nd quarter. Private Advisor Group LLC now owns 6,582 shares of the bank’s stock worth $180,000 after buying an additional 508 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Chemung Financial by 41.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 9,725 shares of the bank’s stock worth $265,000 after buying an additional 2,831 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Chemung Financial during the 3rd quarter worth $322,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.
Chemung Financial Company Profile
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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Bank of America – $21.16 Million in Sales Expected for Chemung Financial Co. (NASDAQ:CHMG) This Quarter
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