Zacks Investment Research Lowers Chemical Financial Corporation (CHFC) to Hold
Chemical Financial Corporation (NASDAQ:CHFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “CHEMICAL FINANCIAL CORP. is a multi-bank holding company. The company business is concentrated in a single industry segment, commercial banking. Subsidiaries offer a full range of commercial banking and fiduciary services. These include accepting deposits, residential and commercial real estate financing, commercial lending, consumer financing, debit cards, safe deposit services, automated teller machines, money transfer services, corporate and personal trust services and other banking services. “
CHFC has been the subject of several other research reports. BidaskClub upgraded Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Boenning Scattergood restated a “hold” rating on shares of Chemical Financial Corporation in a report on Wednesday, July 26th. Keefe, Bruyette & Woods lowered Chemical Financial Corporation from an “outperform” rating to a “market perform” rating in a report on Thursday, October 26th. ValuEngine lowered Chemical Financial Corporation from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Finally, Stephens restated a “buy” rating on shares of Chemical Financial Corporation in a report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Chemical Financial Corporation presently has an average rating of “Hold” and an average target price of $54.07.
Chemical Financial Corporation (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The company had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. Chemical Financial Corporation had a return on equity of 8.05% and a net margin of 24.23%. The company’s revenue for the quarter was up 41.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 earnings per share. equities analysts expect that Chemical Financial Corporation will post 2.99 EPS for the current fiscal year.
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In related news, insider Lori A. Gwizdala sold 2,800 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $54.50, for a total value of $152,600.00. Following the completion of the sale, the insider now directly owns 49,574 shares of the company’s stock, valued at approximately $2,701,783. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Larry D. Stauffer sold 1,900 shares of the stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $53.19, for a total value of $101,061.00. Following the completion of the sale, the director now directly owns 15,853 shares of the company’s stock, valued at $843,221.07. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Chemical Financial Corporation by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock worth $116,000 after acquiring an additional 389 shares in the last quarter. Zions Bancorporation purchased a new stake in Chemical Financial Corporation in the 3rd quarter worth about $121,000. Huntington National Bank purchased a new stake in Chemical Financial Corporation in the 2nd quarter worth about $152,000. PNC Financial Services Group Inc. lifted its stake in Chemical Financial Corporation by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock worth $177,000 after acquiring an additional 2,525 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its stake in Chemical Financial Corporation by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock worth $185,000 after acquiring an additional 1,427 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.
Chemical Financial Corporation Company Profile
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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