Chemical Financial’s (CHFC) Buy Rating Reiterated at Raymond James
A number of other research analysts have also issued reports on the stock. Boenning Scattergood raised shares of Chemical Financial from an under perform rating to a neutral rating in a research note on Thursday. BidaskClub lowered shares of Chemical Financial from a sell rating to a strong sell rating in a research note on Tuesday, October 2nd. ValuEngine lowered shares of Chemical Financial from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised shares of Chemical Financial from a hold rating to a buy rating and set a $63.00 price target for the company in a research note on Tuesday, September 25th. Finally, Sandler O’Neill lowered shares of Chemical Financial from a buy rating to a hold rating in a research note on Thursday, July 26th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Chemical Financial currently has an average rating of Hold and a consensus price target of $59.00.
Chemical Financial stock traded up $0.67 during midday trading on Thursday, reaching $43.76. 595,704 shares of the stock traded hands, compared to its average volume of 415,929. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.23 and a beta of 1.06. Chemical Financial has a fifty-two week low of $41.97 and a fifty-two week high of $59.83.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Friday, December 7th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.11%. The ex-dividend date is Thursday, December 6th. Chemical Financial’s dividend payout ratio is presently 44.44%.
A number of hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in Chemical Financial by 5.5% during the third quarter. First Trust Advisors LP now owns 209,418 shares of the bank’s stock valued at $11,183,000 after purchasing an additional 10,874 shares during the last quarter. IFP Advisors Inc lifted its stake in Chemical Financial by 223.7% during the third quarter. IFP Advisors Inc now owns 4,803 shares of the bank’s stock valued at $256,000 after purchasing an additional 3,319 shares during the last quarter. Polaris Greystone Financial Group LLC acquired a new stake in Chemical Financial during the third quarter valued at approximately $194,000. Bank of Montreal Can lifted its stake in Chemical Financial by 74.4% during the third quarter. Bank of Montreal Can now owns 13,531 shares of the bank’s stock valued at $723,000 after purchasing an additional 5,773 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Chemical Financial by 0.9% during the second quarter. Northern Trust Corp now owns 1,819,174 shares of the bank’s stock valued at $101,274,000 after purchasing an additional 15,567 shares during the last quarter. 83.28% of the stock is owned by institutional investors and hedge funds.
About Chemical Financial
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers banking and fiduciary products and services to residents and business customers. It offers 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, safe deposit box, money transfer, automated teller machines, insurance and investment products, corporate and personal wealth management, and mortgage banking and other banking services.
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