Q3 2017 EPS Estimates for Chemical Financial Corporation (CHFC) Increased by Boenning Scattergood
Chemical Financial Corporation (NASDAQ:CHFC) – Equities researchers at Boenning Scattergood increased their Q3 2017 earnings estimates for Chemical Financial Corporation in a research note issued to investors on Tuesday. Boenning Scattergood analyst S. Beury now expects that the bank will earn $0.78 per share for the quarter, up from their previous estimate of $0.75. Boenning Scattergood currently has a “Under Perform” rating and a $41.50 price target on the stock. Boenning Scattergood also issued estimates for Chemical Financial Corporation’s FY2019 earnings at $3.42 EPS.
Chemical Financial Corporation (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. The firm had revenue of $179.52 million for the quarter, compared to analysts’ expectations of $178.21 million. ILLEGAL ACTIVITY NOTICE: This article was originally posted by Daily Political and is owned by of Daily Political. If you are viewing this article on another site, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The correct version of this article can be viewed at https://www.dailypolitical.com/2017/09/21/q3-2017-eps-estimates-for-chemical-financial-corporation-chfc-increased-by-boenning-scattergood.html.
CHFC has been the subject of several other research reports. BidaskClub upgraded Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Stephens restated a “buy” rating on shares of Chemical Financial Corporation in a report on Wednesday, July 26th. Zacks Investment Research upgraded Chemical Financial Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. DA Davidson started coverage on Chemical Financial Corporation in a report on Wednesday, July 5th. They set a “buy” rating and a $58.00 price target for the company. Finally, ValuEngine downgraded Chemical Financial Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $54.07.
Shares of Chemical Financial Corporation (NASDAQ:CHFC) opened at 49.83 on Thursday. The company has a 50 day moving average of $46.43 and a 200 day moving average of $48.18. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 20.88 and a beta of 1.14. Chemical Financial Corporation has a 1-year low of $40.93 and a 1-year high of $55.55.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Investment Management Company LLC lifted its holdings in Chemical Financial Corporation by 0.7% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 12,247 shares of the bank’s stock worth $626,000 after purchasing an additional 89 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Chemical Financial Corporation by 2.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 5,722 shares of the bank’s stock worth $277,000 after acquiring an additional 117 shares in the last quarter. World Asset Management Inc raised its holdings in shares of Chemical Financial Corporation by 3.0% during the 1st quarter. World Asset Management Inc now owns 4,340 shares of the bank’s stock worth $222,000 after acquiring an additional 127 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Chemical Financial Corporation by 0.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,846 shares of the bank’s stock worth $1,629,000 after acquiring an additional 130 shares in the last quarter. Finally, Capstone Asset Management Co. raised its holdings in shares of Chemical Financial Corporation by 2.7% during the 2nd quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock worth $257,000 after acquiring an additional 140 shares in the last quarter. 76.46% of the stock is currently owned by institutional investors.
In other news, Director Larry D. Stauffer sold 2,110 shares of Chemical Financial Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total transaction of $100,161.70. Following the transaction, the director now directly owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard M. Lievense sold 14,659 shares of Chemical Financial Corporation stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $48.20, for a total value of $706,563.80. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.28 per share. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is currently 49.34%.
About Chemical Financial Corporation
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. These 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, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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