Chemung Financial Corp. (CHMG) is Downgraded by Sandler O’Neill to Hold

Chemung Financial Corp. (CHMG) was Downgraded by Sandler O’Neill to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Sandler O’Neill advised their investors in a research report released on Jun 6, 2016.

Chemung Financial Corp. opened for trading at $31.13 and hit $31.87 on the upside on Friday, eventually ending the session at $31.72, with a gain of 0.83% or 0.26 points. The heightened volatility saw the trading volume jump to 6,207 shares. Company has a market cap of $149 M.

Investors should note that on May 19, 2016, Chemung Financial Corp. announced a cash dividend of $0.2600. The company’s management has announced Jun 15, 2016 as the ex-dividend date and fixed the record date on Jun 17, 2016. The payable date has been fixed on Jul 1, 2016.

In a different news, on May 24, 2016, Thomas E Funk (Controller) sold 300 shares at $31.75 per share price. According to the SEC, 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.

Chemung Financial Corp.

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