Chemical Financial Corporation (NASDAQ:CHFC) – Research analysts at FIG Partners dropped their FY2017 earnings per share estimates for shares of Chemical Financial Corporation in a research note issued to investors on Wednesday. FIG Partners analyst J. Rodis now forecasts that the bank will post earnings of $3.00 per share for the year, down from their prior estimate of $3.01. FIG Partners also issued estimates for Chemical Financial Corporation’s Q4 2017 earnings at $0.83 EPS, Q1 2018 earnings at $0.82 EPS, Q2 2018 earnings at $0.86 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.93 EPS and FY2018 earnings at $3.49 EPS.
Several other research firms have also issued reports on CHFC. Stephens reissued a “buy” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. Boenning Scattergood reissued a “hold” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. BidaskClub raised shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, Piper Jaffray Companies began coverage on shares of Chemical Financial Corporation in a research report on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.17.
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Chemical Financial Corporation (NASDAQ CHFC) opened at 48.61 on Friday. The stock has a market cap of $3.46 billion, a PE ratio of 20.37 and a beta of 1.14. The firm has a 50-day moving average of $46.37 and a 200 day moving average of $48.33. Chemical Financial Corporation has a 12 month low of $40.93 and a 12 month high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $179.52 million during the quarter, compared to analysts’ expectations of $178.21 million.
Several hedge funds have recently made changes to their positions in CHFC. BlackRock Inc. boosted its stake in shares of Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock valued at $364,250,000 after purchasing an additional 7,082,293 shares during the period. State Street Corp boosted its stake in shares of Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock valued at $168,860,000 after purchasing an additional 696,794 shares during the period. Koch Industries Inc. purchased a new position in shares of Chemical Financial Corporation in the second quarter valued at $515,000. Vanguard Group Inc. boosted its stake in shares of Chemical Financial Corporation by 6.6% in the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock valued at $307,620,000 after purchasing an additional 374,588 shares during the period. Finally, Cambiar Investors LLC purchased a new position in shares of Chemical Financial Corporation in the second quarter valued at $15,377,000. Institutional investors and hedge funds own 76.46% of the company’s stock.
In other news, Director Richard M. Lievense sold 14,659 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $48.20, for a total value of $706,563.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Larry D. Stauffer sold 2,110 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total transaction of $100,161.70. Following the completion of the transaction, the director now owns 13,246 shares of the company’s stock, valued at $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Chemical Financial Corporation’s dividend payout ratio is 49.34%.
Chemical Financial Corporation Company Profile
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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