$183.02 Million in Sales Expected for Chemical Financial Corporation (NASDAQ:CHFC) This Quarter
Wall Street analysts expect Chemical Financial Corporation (NASDAQ:CHFC) to report $183.02 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Chemical Financial Corporation’s earnings. The lowest sales estimate is $179.90 million and the highest is $186.96 million. Chemical Financial Corporation reported sales of $124.58 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 46.9%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Chemical Financial Corporation will report full year sales of $183.02 million for the current financial year, with estimates ranging from $711.10 million to $730.96 million. For the next year, analysts anticipate that the business will post sales of $778.14 million per share, with estimates ranging from $769.00 million to $793.64 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Chemical Financial Corporation.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $179.52 million during 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%.
Several equities research analysts have weighed in on CHFC shares. Keefe, Bruyette & Woods set a $55.00 target price on shares of Chemical Financial Corporation and gave the company a “buy” rating in a research note on Saturday, April 15th. DA Davidson started coverage on shares of Chemical Financial Corporation in a research note on Wednesday, July 5th. They issued a “buy” rating and a $58.00 target price for the company. Stephens upgraded shares of Chemical Financial Corporation from an “equal weight” rating to an “overweight” rating and set a $56.00 target price for the company in a research note on Monday, July 10th. Zacks Investment Research downgraded shares of Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 10th. Finally, Hilliard Lyons upgraded shares of Chemical Financial Corporation to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $56.33.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at 47.45 on Thursday. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 19.89 and a beta of 1.13. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The firm’s 50-day moving average is $48.49 and its 200-day moving average is $49.37.
The business also recently disclosed 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. 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 2.36%. The ex-dividend date 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 on Friday, July 28th. The shares were sold at an average price of $48.20, for a total transaction of $706,563.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.20% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in 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. Vanguard Group Inc. increased its stake in 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. State Street Corp increased its stake in 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. Westwood Holdings Group Inc. increased its stake in Chemical Financial Corporation by 15.8% in the first quarter. Westwood Holdings Group Inc. now owns 1,720,161 shares of the bank’s stock valued at $87,986,000 after buying an additional 234,921 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in 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. Institutional investors and hedge funds own 79.04% of the company’s stock.
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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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