Chemical Financial Corporation (CHFC) Expected to Post Earnings of $0.77 Per Share
Brokerages predict that Chemical Financial Corporation (NASDAQ:CHFC) will report earnings per share of $0.77 for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Chemical Financial Corporation’s earnings. The highest EPS estimate is $0.78 and the lowest is $0.75. Chemical Financial Corporation reported earnings per share of $0.72 in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.9%. The firm is expected to announce its next quarterly earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Chemical Financial Corporation will report full-year earnings of $3.01 per share for the current financial year, with EPS estimates ranging from $2.96 to $3.05. For the next year, analysts forecast that the business will report earnings of $3.39 per share, with EPS estimates ranging from $3.24 to $3.49. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Chemical Financial Corporation.
Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%.
Several analysts recently issued reports on the company. BidaskClub upgraded Chemical Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 30th. ValuEngine lowered Chemical Financial Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $54.00 target price on shares of Chemical Financial Corporation in a report on Thursday, August 10th. Piper Jaffray Companies assumed coverage on Chemical Financial Corporation in a report on Thursday, July 6th. They set an “overweight” rating and a $56.00 target price on the stock. Finally, DA Davidson assumed coverage on Chemical Financial Corporation in a research note on Wednesday, July 5th. They issued a “buy” rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $56.17.
Shares of Chemical Financial Corporation (CHFC) traded down 2.00% on Thursday, reaching $44.01. The company had a trading volume of 28,513 shares. The firm has a market cap of $3.13 billion, a P/E ratio of 18.45 and a beta of 1.14. The company has a 50-day moving average price of $46.80 and a 200-day moving average price of $48.60. Chemical Financial Corporation has a one year low of $40.93 and a one year high of $55.55.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. Chemical Financial Corporation’s dividend payout ratio (DPR) is 49.34%.
In related news, Director Larry D. Stauffer sold 2,110 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total transaction of $100,161.70. Following the sale, the director now owns 13,246 shares of the company’s stock, valued at $628,787.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard M. Lievense sold 14,659 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $48.20, for a total value of $706,563.80. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of CHFC. BlackRock Inc. grew its position in Chemical Financial Corporation by 18,200.8% during the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock worth $364,250,000 after buying an additional 7,082,293 shares in the last quarter. State Street Corp grew its position in Chemical Financial Corporation by 26.8% during the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock worth $168,860,000 after buying an additional 696,794 shares in the last quarter. Koch Industries Inc. acquired a new stake in Chemical Financial Corporation during the second quarter worth approximately $515,000. Vanguard Group Inc. grew its position in Chemical Financial Corporation by 6.6% during the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock worth $307,620,000 after buying an additional 374,588 shares in the last quarter. Finally, Cambiar Investors LLC acquired a new stake in Chemical Financial Corporation during the second quarter worth approximately $15,377,000. 76.46% of the stock is currently owned by institutional investors and hedge funds.
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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