Zacks Investment Research cut shares of Chemical Financial Corp. (NASDAQ:CHFC) from a buy rating to a hold rating in a research report released on Thursday.
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. “
Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods lifted their target price on Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an outperform rating in a research report on Thursday, July 28th. Stephens assumed coverage on Chemical Financial Corp. in a research report on Friday, September 2nd. They issued an equal weight rating for the company. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $45.50.
Chemical Financial Corp. (NASDAQ:CHFC) opened at 52.75 on Thursday. Chemical Financial Corp. has a one year low of $29.40 and a one year high of $53.03. The company’s 50-day moving average price is $45.58 and its 200-day moving average price is $42.22. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 25.72 and a beta of 1.04.
Chemical Financial Corp. (NASDAQ:CHFC) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.03. Chemical Financial Corp. had a return on equity of 8.15% and a net margin of 19.60%. On average, analysts anticipate that Chemical Financial Corp. will post $2.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $1.08 dividend on an annualized basis and a yield of 2.05%. Chemical Financial Corp.’s dividend payout ratio is currently 50.47%.
In other Chemical Financial Corp. news, insider Lori A. Gwizdala sold 500 shares of Chemical Financial Corp. stock in a transaction on Friday, November 18th. The stock was sold at an average price of $51.08, for a total transaction of $25,540.00. Following the sale, the insider now owns 48,395 shares of the company’s stock, valued at approximately $2,472,016.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas W. Kohn sold 1,000 shares of Chemical Financial Corp. stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $46.75, for a total value of $46,750.00. Following the sale, the insider now directly owns 46,037 shares in the company, valued at approximately $2,152,229.75. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CHFC. Artemis Investment Management LLP increased its stake in shares of Chemical Financial Corp. by 232.5% in the second quarter. Artemis Investment Management LLP now owns 749,700 shares of the company’s stock valued at $27,953,000 after buying an additional 524,250 shares during the last quarter. Pitcairn Co. increased its stake in shares of Chemical Financial Corp. by 2.0% in the second quarter. Pitcairn Co. now owns 7,111 shares of the company’s stock valued at $266,000 after buying an additional 139 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Chemical Financial Corp. during the second quarter valued at $166,000. First Manhattan Co. increased its stake in shares of Chemical Financial Corp. by 1.1% in the second quarter. First Manhattan Co. now owns 205,754 shares of the company’s stock valued at $7,672,000 after buying an additional 2,270 shares during the last quarter. Finally, Foundry Partners LLC acquired a new stake in shares of Chemical Financial Corp. during the second quarter valued at $3,853,000. 55.49% of the stock is currently owned by hedge funds and other institutional investors.
Chemical Financial Corp. 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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.