Chemical Financial (CHFC) Receives Buy Rating from Piper Jaffray Companies
Piper Jaffray Companies reiterated their buy rating on shares of Chemical Financial (NASDAQ:CHFC) in a research note published on Tuesday morning. The brokerage currently has a $62.00 price target on the bank’s stock.
Several other equities analysts have also weighed in on the stock. Boenning Scattergood reissued a sell rating on shares of Chemical Financial in a research report on Thursday, October 26th. BidaskClub raised shares of Chemical Financial from a buy rating to a strong-buy rating in a research report on Wednesday, December 6th. ValuEngine lowered shares of Chemical Financial from a buy rating to a hold rating in a research report on Thursday, November 9th. Keefe, Bruyette & Woods lowered shares of Chemical Financial from an outperform rating to a market perform rating in a research report on Thursday, October 26th. Finally, Zacks Investment Research raised shares of Chemical Financial from a hold rating to a buy rating and set a $59.00 price target on the stock in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $55.57.
Shares of Chemical Financial (NASDAQ:CHFC) traded up $0.38 on Tuesday, hitting $56.28. 286,481 shares of the stock traded hands, compared to its average volume of 343,367. The company has a market capitalization of $3,860.00, a price-to-earnings ratio of 21.40, a PEG ratio of 1.62 and a beta of 1.15. Chemical Financial has a 52 week low of $43.61 and a 52 week high of $58.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.93.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, November 30th. Chemical Financial’s dividend payout ratio is 42.59%.
In other Chemical Financial news, Director Ronald A. Klein sold 2,619 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $56.75, for a total transaction of $148,628.25. Following the sale, the director now directly owns 9,139 shares in the company, valued at $518,638.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gregory R. Bixby sold 3,500 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $57.05, for a total transaction of $199,675.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,619 shares of company stock worth $755,964. 2.20% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. grew its stake in Chemical Financial by 141.7% during the second quarter. Prudential Financial Inc. now owns 114,197 shares of the bank’s stock worth $5,528,000 after buying an additional 66,940 shares in the last quarter. Sei Investments Co. grew its stake in Chemical Financial by 10.6% during the third quarter. Sei Investments Co. now owns 22,483 shares of the bank’s stock worth $1,175,000 after buying an additional 2,154 shares in the last quarter. Koch Industries Inc. acquired a new stake in Chemical Financial during the second quarter worth about $515,000. Teachers Advisors LLC grew its stake in Chemical Financial by 1.4% during the second quarter. Teachers Advisors LLC now owns 425,970 shares of the bank’s stock worth $20,621,000 after buying an additional 6,034 shares in the last quarter. Finally, Sterling Capital Management LLC grew its stake in Chemical Financial by 1.0% during the third quarter. Sterling Capital Management LLC now owns 481,537 shares of the bank’s stock worth $25,165,000 after buying an additional 4,836 shares in the last quarter. Hedge funds and other institutional investors own 78.42% of the company’s stock.
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About Chemical Financial
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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