Chemical Financial Corporation (NASDAQ:CHFC) Rating Reiterated by Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reiterated their buy rating on shares of Chemical Financial Corporation (NASDAQ:CHFC) in a research report sent to investors on Thursday morning. They currently have a $54.00 price target on the bank’s stock.
Several other research analysts have also commented on the company. Zacks Investment Research lowered Chemical Financial Corporation from a hold rating to a sell rating in a research report on Monday, April 17th. BidaskClub lowered Chemical Financial Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. DA Davidson started coverage on Chemical Financial Corporation in a research report on Wednesday, July 5th. They issued a buy rating and a $58.00 price objective on the stock. Hilliard Lyons raised Chemical Financial Corporation to a buy rating and raised their price objective for the company from $54.00 to $55.00 in a research report on Friday, April 28th. Finally, Stephens raised Chemical Financial Corporation from an equal weight rating to an overweight rating and set a $56.00 target price on the stock in a research report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $56.17.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at 45.81 on Thursday. Chemical Financial Corporation has a 52-week low of $40.93 and a 52-week high of $55.55. The firm has a 50-day moving average price of $48.12 and a 200-day moving average price of $49.21. The stock has a market cap of $3.26 billion, a P/E ratio of 19.20 and a beta of 1.12.
Chemical Financial Corporation (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. The company had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. On average, analysts anticipate that Chemical Financial Corporation will post $2.96 EPS for the current fiscal year.
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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is presently 47.58%.
In other news, Director Richard M. Lievense sold 14,659 shares of Chemical Financial Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $48.20, for a total transaction of $706,563.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Chemical Financial Corporation by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,926,679 shares of the bank’s stock worth $141,681,000 after buying an additional 99,498 shares during the last quarter. Ramsey Quantitative Systems acquired a new stake in shares of Chemical Financial Corporation during the second quarter worth about $317,000. Vanguard Group Inc. raised its stake in shares of Chemical Financial Corporation by 1.8% in the second quarter. Vanguard Group Inc. now owns 6,121,518 shares of the bank’s stock worth $296,344,000 after buying an additional 107,446 shares during the last quarter. Northern Trust Corp raised its stake in shares of Chemical Financial Corporation by 3.3% in the second quarter. Northern Trust Corp now owns 1,861,262 shares of the bank’s stock worth $90,103,000 after buying an additional 60,176 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its stake in shares of Chemical Financial Corporation by 5.4% in the second quarter. Pinebridge Investments L.P. now owns 38,661 shares of the bank’s stock worth $1,872,000 after buying an additional 1,974 shares during the last quarter. 79.19% of the stock is currently owned by institutional investors and hedge funds.
Chemical Financial Corporation 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. 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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