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. “
A number of other analysts have also issued reports on the stock. Stephens started coverage on shares of Chemical Financial Corp. in a research note on Friday, September 2nd. They set an equal weight rating for the company. Keefe, Bruyette & Woods boosted their target price on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the company an outperform rating in a research note on Thursday, July 28th. Finally, Boenning Scattergood reissued a neutral rating on shares of Chemical Financial Corp. in a research note on Tuesday, June 7th. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $42.50.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) opened at 44.52 on Tuesday. The firm’s 50-day moving average is $44.73 and its 200-day moving average is $39.70. Chemical Financial Corp. has a 1-year low of $29.40 and a 1-year high of $47.62. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 17.34 and a beta of 1.37.
Chemical Financial Corp. (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a net margin of 24.58% and a return on equity of 10.21%. Analysts forecast that Chemical Financial Corp. will post $2.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, August 26th. This is a positive change from Chemical Financial Corp.’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.44%. Chemical Financial Corp.’s dividend payout ratio is 42.02%.
In related news, VP Lori A. Gwizdala sold 800 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $44.55, for a total value of $35,640.00. Following the completion of the sale, the vice president now directly owns 59,111 shares of the company’s stock, valued at $2,633,395.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David T. Provost sold 279,101 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $45.24, for a total transaction of $12,626,529.24. Following the completion of the sale, the director now directly owns 324,610 shares of the company’s stock, valued at $14,685,356.40. 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 have recently added to or reduced their stakes in CHFC. BlackRock Inc. raised its stake in Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock worth $110,000 after buying an additional 2,251 shares during the period. FineMark National Bank & Trust raised its stake in 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. Bank of Montreal Can purchased a new stake in Chemical Financial Corp. during the second quarter valued at approximately $166,000. Huntington Asset Advisors Inc. purchased a new stake in Chemical Financial Corp. during the first quarter valued at approximately $171,000. Finally, Societe Generale purchased a new stake in Chemical Financial Corp. during the second quarter valued at approximately $180,000. 71.10% of the stock is owned by 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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