Chemical Financial Corporation (CHFC) Expected to Post Earnings of $0.82 Per Share
Wall Street analysts expect that Chemical Financial Corporation (NASDAQ:CHFC) will post $0.82 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Chemical Financial Corporation’s earnings. The highest EPS estimate is $0.84 and the lowest is $0.79. Chemical Financial Corporation reported earnings per share of $0.70 during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.1%. The company is expected to announce its next earnings report on Wednesday, January 24th.
According to Zacks, analysts expect that Chemical Financial Corporation will report full-year earnings of $3.02 per share for the current financial year, with EPS estimates ranging from $2.99 to $3.05. For the next fiscal year, analysts anticipate that the business will post earnings of $3.52 per share, with EPS estimates ranging from $3.26 to $3.70. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Chemical Financial Corporation.
Chemical Financial Corporation (NASDAQ:CHFC) last released its earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Chemical Financial Corporation had a net margin of 24.23% and a return on equity of 8.05%. The company had revenue of $175.75 million for the quarter, compared to the consensus estimate of $182.78 million. During the same quarter in the previous year, the company earned $0.75 EPS. Chemical Financial Corporation’s quarterly revenue was up 41.1% compared to the same quarter last year.
A number of analysts recently commented on the company. Piper Jaffray Companies assumed coverage on Chemical Financial Corporation in a research note on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price target for the company. BidaskClub lowered Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Boenning Scattergood lowered Chemical Financial Corporation from a “neutral” rating to an “under perform” rating and set a $41.50 price target for the company. in a research note on Tuesday, September 19th. Stephens reaffirmed a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, ValuEngine lowered Chemical Financial Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Two 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. The stock currently has a consensus rating of “Hold” and an average target price of $54.07.
In other Chemical Financial Corporation news, Director Larry D. Stauffer sold 1,900 shares of the firm’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 completion of the transaction, the director now owns 15,853 shares of the company’s stock, valued at $843,221.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Larry D. Stauffer sold 2,110 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the transaction, the director now directly owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The disclosure for this sale can be found here. Insiders have sold 6,810 shares of company stock valued at $353,823 in the last three months. Insiders own 2.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Chemical Financial Corporation by 19.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock valued at $116,000 after buying an additional 389 shares during the period. Huntington National Bank purchased a new position in Chemical Financial Corporation during the second quarter valued at $152,000. PNC Financial Services Group Inc. lifted its position in Chemical Financial Corporation by 220.5% during the second quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after buying an additional 2,525 shares during the period. Riverhead Capital Management LLC lifted its position in Chemical Financial Corporation by 59.5% during the second quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after buying an additional 1,427 shares during the period. Finally, Stifel Financial Corp purchased a new position in Chemical Financial Corporation during the second quarter valued at $205,000. 78.43% of the stock is owned by institutional investors and hedge funds.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, November 30th. Chemical Financial Corporation’s payout ratio is 42.75%.
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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