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 research note issued to investors 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. “
A number of other research analysts have also recently weighed in on CHFC. Keefe, Bruyette & Woods boosted their price objective on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Stephens assumed coverage on shares of Chemical Financial Corp. in a research report on Friday, September 2nd. They set an “equal weight” rating on the stock. Four equities research 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. The company has an average rating of “Buy” and an average target price of $43.00.
Chemical Financial Corp. (NASDAQ:CHFC) opened at 51.31 on Thursday. The company’s 50-day moving average is $44.71 and its 200-day moving average is $41.83. The stock has a market capitalization of $3.62 billion, a PE ratio of 25.02 and a beta of 1.04. Chemical Financial Corp. has a 12 month low of $29.40 and a 12 month high of $51.60.
Chemical Financial Corp. (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.03. Chemical Financial Corp. had a net margin of 19.60% and a return on equity of 8.15%. Equities research analysts forecast that Chemical Financial Corp. will post $2.79 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Wednesday, November 30th. Chemical Financial Corp.’s payout ratio is presently 50.47%.
In other news, Director Gary Torgow sold 55,000 shares of the company’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $42.99, for a total value of $2,364,450.00. Following the transaction, the director now directly owns 87,048 shares in the company, valued at $3,742,193.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas C. Shafer sold 34,456 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $45.24, for a total transaction of $1,558,789.44. Following the completion of the transaction, the executive vice president now owns 61,234 shares in the company, valued at $2,770,226.16. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CHFC. Teachers Advisors Inc. raised its stake in Chemical Financial Corp. by 3.1% in the first quarter. Teachers Advisors Inc. now owns 49,213 shares of the company’s stock worth $1,756,000 after buying an additional 1,500 shares during the period. BlackRock Inc. raised its stake in 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 during the period. BlackRock Group LTD raised its stake in Chemical Financial Corp. by 30.6% in the first quarter. BlackRock Group LTD now owns 44,278 shares of the company’s stock worth $1,580,000 after buying an additional 10,376 shares during the period. Goldman Sachs Group Inc. raised its stake in Chemical Financial Corp. by 513.3% in the first quarter. Goldman Sachs Group Inc. now owns 72,111 shares of the company’s stock worth $2,574,000 after buying an additional 60,354 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Chemical Financial Corp. by 156.7% in the first quarter. Renaissance Technologies LLC now owns 476,454 shares of the company’s stock worth $17,005,000 after buying an additional 290,854 shares during the period. Hedge funds and other institutional investors own 50.57% 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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