Zacks Investment Research Downgrades Chemical Financial Corp. (CHFC) to Hold
Chemical Financial Corp. (NASDAQ:CHFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “
Several other equities research analysts have also issued reports on CHFC. Keefe, Bruyette & Woods raised their price target on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, July 28th. Stephens initiated coverage on shares of Chemical Financial Corp. in a research note on Friday, September 2nd. They set an “equal weight” rating for the company. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $45.50.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) remained flat at $52.75 on Thursday. The company’s stock had a trading volume of 306,418 shares. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 25.72 and a beta of 1.04. The company has a 50 day moving average price of $45.58 and a 200-day moving average price of $42.22. Chemical Financial Corp. has a 52 week low of $29.40 and a 52 week high of $53.03.
Chemical Financial Corp. (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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%. Analysts forecast that Chemical Financial Corp. will post $2.79 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be paid a $0.27 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $1.08 dividend on an annualized basis and a yield of 2.05%. Chemical Financial Corp.’s dividend payout ratio is 50.47%.
In other Chemical Financial Corp. news, insider Lori A. Gwizdala sold 500 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $51.08, for a total value of $25,540.00. Following the completion of the transaction, the insider now directly owns 48,395 shares of the company’s stock, valued at approximately $2,472,016.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas W. Kohn sold 1,000 shares of the firm’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $46.75, for a total transaction of $46,750.00. Following the completion of the transaction, the insider now directly owns 46,037 shares of the company’s stock, valued at $2,152,229.75. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CHFC. Pacer Advisors Inc. purchased a new position in shares of Chemical Financial Corp. during the third quarter valued at approximately $114,000. Bronfman E.L. Rothschild L.P. increased its position in shares of Chemical Financial Corp. 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 last quarter. BlackRock Inc. increased its position 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 valued at $110,000 after buying an additional 2,251 shares during the last quarter. FineMark National Bank & Trust increased its position 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 valued at $115,000 after buying an additional 17 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Chemical Financial Corp. during the third quarter valued at approximately $166,000. 55.49% of the stock is owned by hedge funds and other institutional investors.
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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