Chemung Financial (NASDAQ:CHMG) was downgraded by equities research analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

A number of other research firms also recently commented on CHMG. Zacks Investment Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 27th. ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research report on Monday, February 4th.

Shares of CHMG stock opened at $49.00 on Monday. Chemung Financial has a 1-year low of $36.87 and a 1-year high of $53.99. The firm has a market cap of $236.94 million, a P/E ratio of 12.89 and a beta of 0.15. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Wednesday, April 17th. The bank reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). Chemung Financial had a return on equity of 11.19% and a net margin of 22.32%. The business had revenue of $20.09 million for the quarter, compared to analyst estimates of $20.32 million. Equities analysts predict that Chemung Financial will post 3.99 EPS for the current fiscal year.

In other news, Director Jeffrey B. Streeter bought 594 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of $47.11 per share, for a total transaction of $27,983.34. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at $47,110. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Denise V. Gonick bought 1,000 shares of the firm’s stock in a transaction on Monday, January 28th. The shares were purchased at an average price of $41.76 per share, for a total transaction of $41,760.00. Following the completion of the transaction, the director now owns 1,276 shares of the company’s stock, valued at approximately $53,285.76. The disclosure for this purchase can be found here. 18.98% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Chemung Financial by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 30,202 shares of the bank’s stock valued at $1,247,000 after acquiring an additional 1,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Chemung Financial by 16.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 42,541 shares of the bank’s stock valued at $1,757,000 after acquiring an additional 5,972 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Chemung Financial by 10.8% in the fourth quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock valued at $194,000 after acquiring an additional 457 shares in the last quarter. Basswood Capital Management L.L.C. lifted its position in shares of Chemung Financial by 11.4% in the fourth quarter. Basswood Capital Management L.L.C. now owns 267,032 shares of the bank’s stock valued at $11,031,000 after acquiring an additional 27,243 shares in the last quarter. Finally, EJF Capital LLC purchased a new stake in shares of Chemung Financial in the fourth quarter valued at $201,000. Institutional investors and hedge funds own 34.82% of the company’s stock.

About Chemung Financial

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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