Sandler O’Neill Downgrades Chemung Financial Corp. to Hold

Brokerage firm Sandler O’Neill Downgrades its rating on Chemung Financial Corp.(NASDAQ:CHMG). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Sandler O’Neill was issued on Jun 6, 2016.

Chemung Financial Corp. (CHMG) shares turned negative on Fridays trading session with the shares closing down -0.18 points or -0.59% at a volume of 4,311. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $31.18. The peak price level was also seen at $31.18 while the days lowest was $30.41. Finally the shares closed at $30.57. The 52-week high of the shares is $32.95 while the 52-week low is $26. According to the latest information available, the market cap of the company is $143 M.

Chemung Financial Corp. has also declared a cash dividend of $0.2600 on May 19, 2016. The shares will quote ex-dividend on Jun 15, 2016 and the record date has been fixed on Jun 17, 2016. The dividend payable date has been fixed on Jul 1, 2016.

Several Insider Transactions has been reported to the SEC. On May 24, 2016, Thomas E Funk (Controller) sold 300 shares at $31.75 per share price.Also, On May 19, 2016, Robert H Dalrymple (director) sold 754 shares at $28.69 per share price.On May 4, 2016, G. Thomas Jr. Tranter (director) purchased 1,125 shares at $26.50 per share price, according to the Form-4 filing with the securities and exchange commission.

Chemung Financial Corporation is a financial holding company of Chemung Canal Trust Company (the Bank) and a financial services subsidiary CFS Group Inc. The Company provides financial services such as insurance products mutual funds and brokerage services. The Company through its subsidiaries provides financial services including demand savings and time deposits commercial residential and consumer loans letters of credit wealth management services employee benefit plans securities insurance brokerage services brokerage services insurance and tax preparation services. The Company operates through two segments: core banking and wealth management services. The core banking segment attracts deposits from the general public and using such funds to originate consumer commercial commercial real estate and residential mortgage loans. The wealth management group services segment provides revenues by providing trust and investment advisory services to clients.

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