Chemical Financial Corporation (CHFC) Receives Average Rating of “Hold” from Analysts
Shares of Chemical Financial Corporation (NASDAQ:CHFC) have received a consensus rating of “Hold” from the nine analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $53.92.
Several equities analysts recently commented on CHFC shares. BidaskClub upgraded shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday. Stephens reiterated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, DA Davidson started coverage on shares of Chemical Financial Corporation in a research note on Wednesday, July 5th. They set a “buy” rating and a $58.00 target price for the company.
Chemical Financial Corporation (NASDAQ:CHFC) last released its earnings results on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.01. The firm had revenue of $179.52 million during the quarter, compared to analysts’ expectations of $178.21 million. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.28 dividend. This is a boost from Chemical Financial Corporation’s previous quarterly dividend of $0.27. The ex-dividend date was Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.10%. Chemical Financial Corporation’s dividend payout ratio is currently 49.34%.
In related news, Director Richard M. Lievense sold 14,659 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $48.20, for a total transaction of $706,563.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry D. Stauffer sold 2,110 shares of the stock in a transaction dated 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 approximately $628,787.62. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in Chemical Financial Corporation by 2.9% during the 2nd quarter. BlackRock Inc. now owns 7,327,868 shares of the bank’s stock worth $354,743,000 after acquiring an additional 206,663 shares during the last quarter. Vanguard Group Inc. grew its holdings in Chemical Financial Corporation by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 6,121,518 shares of the bank’s stock worth $296,344,000 after acquiring an additional 107,446 shares during the last quarter. State Street Corp grew its holdings in Chemical Financial Corporation by 1.4% during the 2nd quarter. State Street Corp now owns 3,346,155 shares of the bank’s stock worth $161,989,000 after acquiring an additional 44,831 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Chemical Financial Corporation by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,926,679 shares of the bank’s stock worth $141,681,000 after acquiring an additional 99,498 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Chemical Financial Corporation by 3.3% during the 2nd quarter. Northern Trust Corp now owns 1,861,262 shares of the bank’s stock worth $90,103,000 after acquiring an additional 60,176 shares during the last quarter. 76.46% of the stock is currently owned by hedge funds and other institutional investors.
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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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