Chemical Financial Corporation Forecasted to Post FY2017 Earnings of $3.05 Per Share (NASDAQ:CHFC)
Chemical Financial Corporation (NASDAQ:CHFC) – Research analysts at DA Davidson upped their FY2017 earnings estimates for Chemical Financial Corporation in a report issued on Wednesday. DA Davidson analyst K. Reevey now expects that the bank will post earnings of $3.05 per share for the year, up from their previous forecast of $3.03. DA Davidson has a “Buy” rating and a $58.00 price objective on the stock.
Chemical Financial Corporation (NASDAQ:CHFC) last posted its earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.01. The business had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. TRADEMARK VIOLATION NOTICE: “Chemical Financial Corporation Forecasted to Post FY2017 Earnings of $3.05 Per Share (NASDAQ:CHFC)” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this article on another publication, it was illegally copied and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at https://www.thecerbatgem.com/2017/08/08/chemical-financial-corporation-forecasted-to-post-fy2017-earnings-of-3-05-per-share-nasdaqchfc-updated.html.
A number of other equities research analysts also recently weighed in on CHFC. Zacks Investment Research downgraded Chemical Financial Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Keefe, Bruyette & Woods set a $55.00 price objective on Chemical Financial Corporation and gave the company a “buy” rating in a report on Saturday, April 15th. Hilliard Lyons raised Chemical Financial Corporation to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a report on Friday, April 28th. BidaskClub raised Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Piper Jaffray Companies initiated coverage on Chemical Financial Corporation in a report on Thursday, July 6th. They set an “overweight” rating and a $56.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $56.33.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at 48.78 on Friday. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55. The company’s 50-day moving average is $48.56 and its 200-day moving average is $49.52. The company has a market cap of $3.47 billion, a price-to-earnings ratio of 21.39 and a beta of 1.13.
Several hedge funds and other institutional investors have recently made changes to their positions in CHFC. BlackRock Inc. increased its position 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 during the last quarter. State Street Corp increased its position 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 during the last quarter. Vanguard Group Inc. increased its position 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 during the last quarter. Cambiar Investors LLC acquired a new position in shares of Chemical Financial Corporation during the second quarter valued at approximately $15,377,000. Finally, Schroder Investment Management Group increased its position in shares of Chemical Financial Corporation by 31.2% in the first quarter. Schroder Investment Management Group now owns 1,269,113 shares of the bank’s stock valued at $66,032,000 after buying an additional 301,993 shares during the last quarter. 79.07% of the stock is currently owned by institutional investors and hedge funds.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.28 dividend. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is presently 47.58%.
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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