Chemical Financial Corp. (CHFC) Downgraded by Zacks Investment Research
According to Zacks, “CHEMICAL FINANCIAL CORP. is a multi-bank holding company. The company business is concentrated in a single industry segment, commercial banking. Subsidiaries offer a full range of commercial banking and fiduciary services. These include accepting deposits, residential and commercial real estate financing, commercial lending, consumer financing, debit cards, safe deposit services, automated teller machines, money transfer services, corporate and personal trust services and other banking services. “
A number of other equities research analysts also recently weighed in on CHFC. Keefe, Bruyette & Woods lifted their price objective on Chemical Financial Corp. from $43.00 to $45.00 and gave the company an outperform rating in a report on Thursday, July 28th. Stephens started coverage on Chemical Financial Corp. in a report on Friday, September 2nd. They set an equal weight rating on the stock. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $45.50.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) opened at 51.96 on Thursday. The stock’s 50 day moving average price is $46.00 and its 200 day moving average price is $42.48. Chemical Financial Corp. has a 1-year low of $29.40 and a 1-year high of $53.03. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 25.33 and a beta of 1.04.
Chemical Financial Corp. (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.03. Chemical Financial Corp. had a return on equity of 8.15% and a net margin of 19.60%. Analysts expect that Chemical Financial Corp. will post $2.79 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Wednesday, November 30th. Chemical Financial Corp.’s payout ratio is currently 50.47%.
In other Chemical Financial Corp. news, Director Gary Torgow sold 55,000 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $42.99, for a total transaction of $2,364,450.00. Following the transaction, the director now owns 87,048 shares of the company’s stock, valued at approximately $3,742,193.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David T. Provost sold 279,101 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $45.24, for a total value of $12,626,529.24. Following the transaction, the director now directly owns 324,610 shares in the company, valued at approximately $14,685,356.40. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock valued at $110,000 after buying an additional 2,251 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Chemical Financial Corp. during the third quarter valued at about $114,000. FineMark National Bank & Trust increased its position in Chemical Financial Corp. by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,086 shares of the company’s stock valued at $115,000 after buying an additional 17 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Chemical Financial Corp. by 4.3% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 2,783 shares of the company’s stock valued at $123,000 after buying an additional 114 shares in the last quarter. Finally, Integrated Investment Consultants LLC purchased a new position in Chemical Financial Corp. during the third quarter valued at about $164,000. 74.67% of the stock is currently owned by hedge funds and other institutional investors.
About Chemical Financial Corp.
Chemical Financial Corporation is a financial holding company. The Company operates in the commercial banking segment. The Company, through its subsidiary bank, Chemical Bank, offers banking and fiduciary products and services. Its products and services include business and personal checking accounts, savings and individual retirement accounts, time deposit instruments, electronically accessed banking products, residential and commercial real estate financing, commercial lending, consumer financing, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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