BidaskClub upgraded shares of Chemical Financial (NASDAQ:CHFC) from a buy rating to a strong-buy rating in a report published on Wednesday, December 6th.
Several other brokerages also recently issued reports on CHFC. ValuEngine raised shares of Chemical Financial from a hold rating to a buy rating in a research report on Friday, December 1st. Keefe, Bruyette & Woods cut shares of Chemical Financial from an outperform rating to a market perform rating in a report on Thursday, October 26th. Piper Jaffray Companies restated a buy rating and set a $55.00 target price on shares of Chemical Financial in a report on Friday, October 27th. Boenning Scattergood restated a sell rating on shares of Chemical Financial in a report on Thursday, October 26th. Finally, Zacks Investment Research cut shares of Chemical Financial from a buy rating to a hold rating in a research note on Tuesday, November 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. Chemical Financial has a consensus rating of Buy and an average price target of $54.07.
Shares of Chemical Financial (NASDAQ CHFC) traded up $1.51 during trading hours on Wednesday, reaching $55.37. 1,217,631 shares of the company’s stock traded hands, compared to its average volume of 291,627. Chemical Financial has a 1 year low of $43.61 and a 1 year high of $58.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $3,940.63, a P/E ratio of 18.77, a PEG ratio of 2.06 and a beta of 1.14.
Chemical Financial (NASDAQ:CHFC) last issued its earnings results on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $182.78 million. During the same quarter in the prior year, the firm earned $0.75 earnings per share. The business’s quarterly revenue was up 41.1% on a year-over-year basis. equities analysts forecast that Chemical Financial will post 2.99 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, November 30th. Chemical Financial’s dividend payout ratio is 42.75%.
In other Chemical Financial news, insider Gregory R. Bixby sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $57.05, for a total value of $199,675.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ronald A. Klein sold 2,619 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $56.75, for a total transaction of $148,628.25. Following the completion of the transaction, the director now directly owns 9,139 shares in the company, valued at $518,638.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,619 shares of company stock worth $755,964. 2.20% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in CHFC. Capstone Asset Management Co. boosted its stake in shares of Chemical Financial by 2.7% in the 2nd quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock valued at $257,000 after purchasing an additional 140 shares in the last quarter. Strs Ohio boosted its stake in shares of Chemical Financial by 6.0% in the 2nd quarter. Strs Ohio now owns 8,900 shares of the bank’s stock valued at $430,000 after purchasing an additional 500 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Chemical Financial by 2.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 45,465 shares of the bank’s stock valued at $2,200,000 after purchasing an additional 1,030 shares in the last quarter. World Asset Management Inc boosted its stake in shares of Chemical Financial by 2.9% in the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock valued at $216,000 after purchasing an additional 128 shares in the last quarter. Finally, Texas Permanent School Fund boosted its position in Chemical Financial by 0.9% during the 2nd quarter. Texas Permanent School Fund now owns 51,927 shares of the bank’s stock worth $2,514,000 after buying an additional 474 shares during the period. 78.44% of the stock is currently 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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