Zacks Investment Research upgraded shares of Chemical Bank (NASDAQ:CHFC) from a hold rating to a buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $61.00 price objective on the bank’s stock.
According to Zacks, “CHEMICAL FINANCIAL CORP. is a multi-bank holding company. The company business is concentrated in a single industry segment, commercial banking. Subsidiaries offer a full range of commercial banking and fiduciary services. These include accepting deposits, residential and commercial real estate financing, commercial lending, consumer financing, debit cards, safe deposit services, automated teller machines, money transfer services, corporate and personal trust services and other banking services. “
CHFC has been the subject of a number of other reports. ValuEngine upgraded shares of Chemical Bank from a hold rating to a buy rating in a report on Wednesday, March 7th. BidaskClub upgraded shares of Chemical Bank from a buy rating to a strong-buy rating in a report on Wednesday, December 6th. Keefe, Bruyette & Woods restated a hold rating and set a $63.00 target price on shares of Chemical Bank in a report on Tuesday, February 27th. Piper Jaffray restated a buy rating and set a $62.00 target price on shares of Chemical Bank in a report on Tuesday, January 9th. Finally, Boenning Scattergood set a $43.00 target price on shares of Chemical Bank and gave the stock a sell rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and an average target price of $58.57.
Shares of NASDAQ:CHFC opened at $54.23 on Wednesday. The company has a market cap of $3,866.76, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 1.54 and a beta of 1.19. Chemical Bank has a 1-year low of $43.61 and a 1-year high of $59.83. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14.
Chemical Bank (NASDAQ:CHFC) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.05. The firm had revenue of $178.22 million during the quarter, compared to analysts’ expectations of $183.89 million. Chemical Bank had a net margin of 19.26% and a return on equity of 8.46%. sell-side analysts anticipate that Chemical Bank will post 3.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 16th. Investors of record on Friday, March 2nd were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Thursday, March 1st. Chemical Bank’s dividend payout ratio is 36.60%.
In related news, VP Dennis L. Klaeser sold 53,536 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $58.48, for a total value of $3,130,785.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lori A. Gwizdala sold 5,594 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $59.27, for a total transaction of $331,556.38. The disclosure for this sale can be found here. Insiders sold a total of 67,236 shares of company stock valued at $3,933,758 in the last ninety days. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CHFC. Schroder Investment Management Group boosted its stake in Chemical Bank by 18.3% in the 4th quarter. Schroder Investment Management Group now owns 1,981,132 shares of the bank’s stock worth $105,931,000 after purchasing an additional 306,595 shares during the period. Monarch Partners Asset Management LLC acquired a new position in Chemical Bank in the 4th quarter worth approximately $11,526,000. Castine Capital Management LLC acquired a new position in Chemical Bank in the 3rd quarter worth approximately $7,839,000. Franklin Resources Inc. boosted its stake in Chemical Bank by 5.8% in the 4th quarter. Franklin Resources Inc. now owns 2,686,176 shares of the bank’s stock worth $143,630,000 after purchasing an additional 146,917 shares during the period. Finally, Deutsche Bank AG boosted its stake in Chemical Bank by 94.0% in the 4th quarter. Deutsche Bank AG now owns 289,324 shares of the bank’s stock worth $15,468,000 after purchasing an additional 140,155 shares during the period. 80.05% of the stock is owned by hedge funds and other institutional investors.
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About Chemical Bank
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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