Chemical Financial Corporation (CHFC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Chemical Financial Corporation (NASDAQ:CHFC) released its quarterly earnings results on Tuesday. The bank reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.02, Briefing.com reports. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. The firm had revenue of $175.75 million during the quarter, compared to the consensus estimate of $182.78 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue for the quarter was up 41.1% on a year-over-year basis.
Shares of Chemical Financial Corporation (NASDAQ:CHFC) traded up 0.22% during mid-day trading on Tuesday, reaching $53.65. 211,241 shares of the company traded hands. The stock’s 50-day moving average is $50.56 and its 200-day moving average is $48.33. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The company has a market capitalization of $3.82 billion, a P/E ratio of 22.49 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, November 30th. This represents a $1.12 annualized dividend and a yield of 2.09%. Chemical Financial Corporation’s dividend payout ratio is presently 49.34%.
CHFC has been the subject of several research analyst reports. BidaskClub upgraded shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. DA Davidson initiated coverage on shares of Chemical Financial Corporation in a research report on Wednesday, July 5th. They set a “buy” rating and a $58.00 price target for the company. Stephens upgraded shares of Chemical Financial Corporation from an “equal weight” rating to an “overweight” rating and set a $56.00 price target for the company in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, Piper Jaffray Companies initiated coverage on shares of Chemical Financial Corporation in a research report on Thursday, July 6th. They set an “overweight” rating and a $56.00 price target for the company. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $54.21.
In other Chemical Financial Corporation news, Director Larry D. Stauffer sold 2,110 shares of Chemical Financial Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total transaction of $100,161.70. Following the completion of the transaction, the director now owns 13,246 shares in the company, valued at $628,787.62. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard M. Lievense sold 14,659 shares of Chemical Financial Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $48.20, for a total transaction of $706,563.80. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
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.
Receive News & Ratings for Chemical Financial Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemical Financial Corporation and related companies with MarketBeat.com's FREE daily email newsletter.