Zacks Investment Research upgraded shares of Chemical Financial Corporation (NASDAQ:CHFC) from a hold rating to a buy rating in a report released on Tuesday morning. The firm currently has $59.00 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. “
Other research analysts also recently issued reports about the company. Stephens reiterated a buy rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. DA Davidson started coverage on Chemical Financial Corporation in a research note on Wednesday, July 5th. They issued a buy rating and a $58.00 target price on the stock. Keefe, Bruyette & Woods reiterated a buy rating and issued a $54.00 target price on shares of Chemical Financial Corporation in a research note on Thursday, August 10th. ValuEngine downgraded Chemical Financial Corporation from a buy rating to a hold rating in a research note on Friday, August 11th. Finally, BidaskClub upgraded Chemical Financial Corporation from a sell rating to a hold rating in a research note on Friday, June 30th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Chemical Financial Corporation has an average rating of Hold and a consensus price target of $54.21.
Chemical Financial Corporation (NASDAQ CHFC) traded down 0.06% during midday trading on Tuesday, reaching $53.19. The company’s stock had a trading volume of 76,055 shares. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55. The stock’s 50 day moving average is $49.03 and its 200 day moving average is $48.19. The stock has a market cap of $3.78 billion, a P/E ratio of 22.29 and a beta of 1.15.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. The company had revenue of $179.52 million for the quarter, compared to the consensus estimate of $178.21 million. Analysts anticipate that Chemical Financial Corporation will post $2.97 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.28 dividend. The ex-dividend date was Wednesday, August 30th. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.10%. Chemical Financial Corporation’s payout ratio is 49.34%.
In related news, Director Richard M. Lievense sold 14,659 shares of Chemical Financial Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $48.20, for a total value of $706,563.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Larry D. Stauffer sold 2,110 shares of Chemical Financial Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the completion of the sale, the director now owns 13,246 shares in the company, valued at $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of CHFC. BlackRock Inc. boosted its stake in shares of Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock valued at $364,250,000 after buying an additional 7,082,293 shares in the last quarter. State Street Corp boosted its stake in shares of Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock valued at $168,860,000 after buying an additional 696,794 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Chemical Financial Corporation in the second quarter valued at approximately $515,000. Vanguard Group Inc. boosted its stake in shares of Chemical Financial Corporation by 6.6% in the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock valued at $307,620,000 after buying an additional 374,588 shares in the last quarter. Finally, Cambiar Investors LLC purchased a new stake in shares of Chemical Financial Corporation in the second quarter valued at approximately $15,377,000. Hedge funds and other institutional investors own 76.46% of the company’s stock.
About Chemical Financial Corporation
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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