Zacks Investment Research upgraded shares of Chemical Financial Corporation (NASDAQ:CHFC) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $58.00 target price on the 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. “
Separately, Hilliard Lyons lowered Chemical Financial Corporation from a buy rating to a neutral rating and upped their target price for the company from $49.00 to $55.00 in a research report on Tuesday, December 20th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $47.40.
Chemical Financial Corporation (NASDAQ:CHFC) traded up 0.70% on Tuesday, hitting $53.16. The company’s stock had a trading volume of 217,422 shares. The firm has a 50 day moving average of $53.39 and a 200-day moving average of $45.37. The stock has a market cap of $3.75 billion, a PE ratio of 25.92 and a beta of 1.13. Chemical Financial Corporation has a 12 month low of $29.40 and a 12 month high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.03. Chemical Financial Corporation had a return on equity of 8.15% and a net margin of 19.60%. On average, analysts expect that Chemical Financial Corporation will post $2.79 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, December 16th. Shareholders of record on Friday, December 2nd were issued a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $1.08 annualized dividend and a yield of 2.03%. Chemical Financial Corporation’s payout ratio is currently 50.47%.
In other news, insider Lori A. Gwizdala sold 500 shares of the stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $51.08, for a total value of $25,540.00. Following the completion of the sale, the insider now directly owns 48,395 shares of the company’s stock, valued at $2,472,016.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gary Torgow sold 55,000 shares of the stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $42.99, for a total value of $2,364,450.00. Following the completion of the sale, the director now directly owns 87,048 shares of the company’s stock, valued at $3,742,193.52. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. bought a new stake in shares of Chemical Financial Corporation during the third quarter valued at approximately $114,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of Chemical Financial Corporation by 4.3% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 2,783 shares of the company’s stock valued at $123,000 after buying an additional 114 shares during the period. FineMark National Bank & Trust increased its stake in shares of Chemical Financial Corporation by 0.6% in the third quarter. FineMark National Bank & Trust now owns 3,105 shares of the company’s stock valued at $137,000 after buying an additional 19 shares during the period. Tower Research Capital LLC TRC bought a new stake in shares of Chemical Financial Corporation during the third quarter valued at approximately $166,000. Finally, Integrated Investment Consultants LLC bought a new stake in shares of Chemical Financial Corporation during the third quarter valued at approximately $164,000. 74.66% of the stock is owned by hedge funds and other institutional investors.
Chemical Financial Corporation 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.
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