Chemical Financial Corp. (CHFC) Raised to “Buy” at Zacks Investment Research
Chemical Financial Corp. (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $58.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 9.95% from the stock’s previous close.
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 equities analysts have also recently weighed in on CHFC. Keefe, Bruyette & Woods boosted their price target on Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Stephens assumed coverage on Chemical Financial Corp. in a report on Friday, September 2nd. They issued an “equal weight” rating for the company. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued 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) traded up 1.19% during trading on Wednesday, reaching $52.75. The company had a trading volume of 306,418 shares. The company has a market capitalization of $3.72 billion, a P/E ratio of 25.72 and a beta of 1.04. The firm’s 50 day moving average is $45.33 and its 200-day moving average is $42.15. Chemical Financial Corp. has a 12 month low of $29.40 and a 12 month high of $53.03.
Chemical Financial Corp. (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate 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, equities analysts expect that Chemical Financial Corp. will post $2.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, November 30th. Chemical Financial Corp.’s dividend payout ratio is currently 50.47%.
In other 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 value of $25,540.00. Following the completion of the sale, the insider now 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 available through the SEC website. Also, Director Gary Torgow sold 55,000 shares of Chemical Financial Corp. stock in a transaction on 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 completion of the sale, the director now directly owns 87,048 shares of the company’s stock, valued at approximately $3,742,193.52. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in Chemical Financial Corp. by 5.6% in the second quarter. Royal Bank of Canada now owns 986,412 shares of the company’s stock worth $36,784,000 after buying an additional 51,978 shares during the period. Panagora Asset Management Inc. increased its stake in Chemical Financial Corp. by 1.8% in the first quarter. Panagora Asset Management Inc. now owns 193,572 shares of the company’s stock worth $6,909,000 after buying an additional 3,393 shares during the period. UBS Asset Management Americas Inc. increased its stake in Chemical Financial Corp. by 328.3% in the second quarter. UBS Asset Management Americas Inc. now owns 99,177 shares of the company’s stock worth $3,699,000 after buying an additional 76,019 shares during the period. Renaissance Technologies LLC increased 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. Finally, Creative Planning increased its stake in Chemical Financial Corp. by 1.5% in the second quarter. Creative Planning now owns 12,743 shares of the company’s stock worth $475,000 after buying an additional 191 shares during the period. 55.49% of the stock is owned by institutional investors and hedge funds.
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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