Chemical Financial Corporation to Post Q4 2017 Earnings of $0.84 Per Share, FIG Partners Forecasts (CHFC)
Chemical Financial Corporation (NASDAQ:CHFC) – Equities research analysts at FIG Partners raised their Q4 2017 earnings per share (EPS) estimates for shares of Chemical Financial Corporation in a note issued to investors on Monday. FIG Partners analyst J. Rodis now anticipates that the bank will post earnings per share of $0.84 for the quarter, up from their previous forecast of $0.83. FIG Partners also issued estimates for Chemical Financial Corporation’s Q1 2018 earnings at $0.81 EPS, Q3 2018 earnings at $0.89 EPS and Q4 2018 earnings at $0.94 EPS.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The firm had revenue of $175.75 million for the quarter, compared to the consensus estimate of $182.78 million. Chemical Financial Corporation had a net margin of 24.23% and a return on equity of 8.05%. The company’s revenue was up 41.1% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS.
Several other research firms have also recently issued reports on CHFC. Keefe, Bruyette & Woods cut shares of Chemical Financial Corporation from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 26th. Boenning Scattergood reiterated a “sell” rating on shares of Chemical Financial Corporation in a research note on Thursday, October 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $55.00 target price on shares of Chemical Financial Corporation in a research note on Friday, October 27th. 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, October 10th. Finally, Stephens reiterated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Chemical Financial Corporation currently has a consensus rating of “Hold” and a consensus price target of $54.07.
Shares of Chemical Financial Corporation (CHFC) traded down 0.47% during mid-day trading on Wednesday, hitting $52.44. 57,347 shares of the stock traded hands. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 21.98 and a beta of 1.15. The firm has a 50 day moving average of $51.86 and a 200 day moving average of $48.55. Chemical Financial Corporation has a 12 month low of $40.93 and a 12 month high of $55.55.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, November 30th. Chemical Financial Corporation’s dividend payout ratio is presently 42.75%.
In other Chemical Financial Corporation news, insider Lori A. Gwizdala sold 2,800 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $54.50, for a total transaction of $152,600.00. Following the completion of the transaction, the insider now directly owns 49,574 shares in the company, valued at $2,701,783. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Larry D. Stauffer sold 1,900 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $53.19, for a total transaction of $101,061.00. Following the transaction, the director now owns 15,853 shares of the company’s stock, valued at $843,221.07. The disclosure for this sale can be found here. Insiders have sold 6,810 shares of company stock valued at $353,823 over the last 90 days. 2.20% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of CHFC. BlackRock Inc. raised its position in Chemical Financial Corporation by 18,200.8% during the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock worth $364,250,000 after acquiring an additional 7,082,293 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in Chemical Financial Corporation by 143.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,279,260 shares of the bank’s stock worth $119,114,000 after acquiring an additional 1,341,400 shares during the period. State Street Corp raised its position in Chemical Financial Corporation by 26.8% during the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock worth $168,860,000 after acquiring an additional 696,794 shares during the period. Koch Industries Inc. acquired a new position in Chemical Financial Corporation during the second quarter worth $515,000. Finally, Vanguard Group Inc. raised its position in Chemical Financial Corporation by 6.6% during the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock worth $307,620,000 after acquiring an additional 374,588 shares during the period. Institutional investors own 78.43% 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.
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