Chemical Financial Corp. (CHFC) Rating Lowered to Hold at Zacks Investment Research
Chemical Financial Corp. (NASDAQ:CHFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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. Boenning Scattergood restated a “neutral” rating on shares of Chemical Financial Corp. in a report on Tuesday, June 7th. Stephens assumed coverage on shares of Chemical Financial Corp. in a report on Friday, September 2nd. They issued an “equal weight” rating for the company. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $42.50.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) opened at 44.46 on Tuesday. The stock has a market cap of $1.70 billion, a P/E ratio of 17.32 and a beta of 1.37. The company has a 50 day moving average price of $44.76 and a 200-day moving average price of $39.74. Chemical Financial Corp. has a 12 month low of $29.40 and a 12 month high of $47.62.
Chemical Financial Corp. (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. Chemical Financial Corp. had a net margin of 24.58% and a return on equity of 10.21%. On average, equities research analysts predict that Chemical Financial Corp. will post $2.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Tuesday, August 30th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 26th. This is a positive change from Chemical Financial Corp.’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.43%. Chemical Financial Corp.’s payout ratio is currently 42.02%.
In other Chemical Financial Corp. news, VP Lori A. Gwizdala sold 800 shares of the business’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $44.55, for a total transaction of $35,640.00. Following the completion of the sale, the vice president now directly owns 59,111 shares in the company, valued at approximately $2,633,395.05. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard M. Lievense sold 4,500 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $44.03, for a total transaction of $198,135.00. Following the sale, the director now owns 60,097 shares of the company’s stock, valued at $2,646,070.91. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock worth $110,000 after buying an additional 2,251 shares in the last quarter. FineMark National Bank & Trust increased its stake in shares of Chemical Financial Corp. by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,086 shares of the company’s stock worth $115,000 after buying an additional 17 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Chemical Financial Corp. during the second quarter worth about $166,000. Huntington Asset Advisors Inc. acquired a new stake in shares of Chemical Financial Corp. during the first quarter worth about $171,000. Finally, Societe Generale acquired a new stake in shares of Chemical Financial Corp. during the second quarter worth about $180,000. Institutional investors and hedge funds own 71.10% of the company’s stock.
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.
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