Chemical Financial Co. (NASDAQ:CHFC) – Research analysts at Boenning Scattergood boosted their Q2 2018 earnings per share (EPS) estimates for shares of Chemical Financial in a research note issued to investors on Wednesday, Zacks Investment Research reports. Boenning Scattergood analyst S. Beury now expects that the bank will post earnings of $0.91 per share for the quarter, up from their prior forecast of $0.81. Boenning Scattergood has a “Sell” rating and a $43.00 price target on the stock. Boenning Scattergood also issued estimates for Chemical Financial’s Q3 2018 earnings at $0.93 EPS and Q4 2018 earnings at $0.95 EPS.
Chemical Financial (NASDAQ:CHFC) last released 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. The company had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. Chemical Financial had a return on equity of 8.05% and a net margin of 24.23%. The business’s revenue was up 41.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS.
Other equities research analysts have also issued reports about the company. Zacks Investment Research raised Chemical Financial from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, December 26th. BidaskClub lowered Chemical Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 12th. Piper Jaffray Companies reissued a “buy” rating and set a $62.00 price target on shares of Chemical Financial in a research report on Tuesday, January 9th. ValuEngine raised Chemical Financial from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Keefe, Bruyette & Woods lowered Chemical Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Chemical Financial presently has a consensus rating of “Hold” and an average price target of $55.57.
Chemical Financial (NASDAQ CHFC) opened at $56.28 on Thursday. The company has a market capitalization of $4,010.00, a P/E ratio of 21.40, a PEG ratio of 1.65 and a beta of 1.15. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.94. Chemical Financial has a one year low of $43.61 and a one year high of $58.17.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.99%. Chemical Financial’s dividend payout ratio (DPR) is 42.59%.
In other news, Director Ronald A. Klein sold 2,619 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $56.75, for a total transaction of $148,628.25. Following the completion of the sale, the director now directly owns 9,139 shares of the company’s stock, valued at approximately $518,638.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gregory R. Bixby sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $57.05, for a total value of $199,675.00. The disclosure for this sale can be found here. Insiders sold a total of 13,619 shares of company stock valued at $755,964 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strs Ohio grew its holdings in shares of Chemical Financial by 6.0% during the 2nd quarter. Strs Ohio now owns 8,900 shares of the bank’s stock worth $430,000 after purchasing an additional 500 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Chemical Financial by 2.3% during the 2nd quarter. Great West Life Assurance Co. Can now owns 45,465 shares of the bank’s stock worth $2,200,000 after purchasing an additional 1,030 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Chemical Financial by 3.6% during the 2nd quarter. Sei Investments Co. now owns 20,329 shares of the bank’s stock worth $984,000 after purchasing an additional 698 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Chemical Financial by 12.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 335,680 shares of the bank’s stock worth $16,251,000 after purchasing an additional 37,932 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Chemical Financial by 1.4% during the 2nd quarter. Arizona State Retirement System now owns 30,000 shares of the bank’s stock worth $1,452,000 after purchasing an additional 400 shares in the last quarter. 78.42% 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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