BidaskClub downgraded shares of Chemical Financial (NASDAQ:CHFC) from a hold rating to a sell rating in a report published on Thursday morning.
Several other research analysts have also weighed in on the stock. Boenning Scattergood restated a sell rating on shares of Chemical Financial in a research note on Thursday, October 26th. ValuEngine lowered shares of Chemical Financial from a buy rating to a hold rating in a research note on Thursday, November 9th. Piper Jaffray Companies restated a buy rating and set a $55.00 price objective on shares of Chemical Financial in a research note on Friday, October 27th. Keefe, Bruyette & Woods lowered shares of Chemical Financial from an outperform rating to a market perform rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research upgraded shares of Chemical Financial from a hold rating to a buy rating and set a $59.00 price objective on the stock in a research note on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $54.57.
Shares of Chemical Financial (NASDAQ CHFC) traded up $0.20 during mid-day trading on Thursday, reaching $53.19. 235,900 shares of the company’s stock traded hands, compared to its average volume of 334,600. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. Chemical Financial has a 12-month low of $43.61 and a 12-month high of $58.17. The firm has a market cap of $3,771.24, a price-to-earnings ratio of 20.30, a P/E/G ratio of 1.61 and a beta of 1.15.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. The firm had revenue of $175.75 million for the quarter, compared to analyst estimates of $182.78 million. During the same period in the previous year, the business earned $0.75 EPS. The company’s revenue was up 41.1% compared to the same quarter last year. equities analysts expect that Chemical Financial will post 2.99 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, November 30th. Chemical Financial’s payout ratio is 42.75%.
In related news, Director Larry D. Stauffer sold 1,900 shares of Chemical Financial stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $53.19, for a total transaction of $101,061.00. Following the completion of the sale, the director now owns 15,853 shares of the company’s stock, valued at approximately $843,221.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lori A. Gwizdala sold 2,800 shares of Chemical Financial stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $54.50, for a total transaction of $152,600.00. Following the sale, the insider now directly owns 49,574 shares of the company’s stock, valued at approximately $2,701,783. The disclosure for this sale can be found here. Insiders have sold a total of 13,619 shares of company stock valued at $755,964 in the last ninety days. 2.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Zions Bancorporation bought a new stake in Chemical Financial in the 3rd quarter valued at about $121,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Chemical Financial by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock valued at $116,000 after purchasing an additional 389 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Chemical Financial by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after purchasing an additional 2,525 shares during the period. Riverhead Capital Management LLC boosted its holdings in Chemical Financial by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,427 shares during the period. Finally, Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Chemical Financial by 99.2% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 4,164 shares of the bank’s stock worth $218,000 after acquiring an additional 2,074 shares during the period. 78.42% of the stock is owned by hedge funds and other institutional investors.
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About Chemical Financial
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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