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. “
Several other equities research analysts also recently weighed in on the company. FIG Partners raised Chemical Financial from a market perform rating to an outperform rating and set a $50.00 price objective for the company in a report on Tuesday, March 26th. BidaskClub raised Wintrust Financial from a strong sell rating to a sell rating in a report on Monday, April 1st. ValuEngine raised ZIX from a buy rating to a strong-buy rating in a report on Saturday, May 4th. Finally, Piper Jaffray Companies decreased their price target on Apyx Medical to $7.00 and set an overweight rating for the company in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $52.71.
CHFC stock opened at $41.84 on Wednesday. The firm has a market capitalization of $2.99 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.12 and a beta of 1.48. Chemical Financial has a twelve month low of $34.62 and a twelve month high of $59.10. The company has a 50 day moving average price of $39.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.89 and a quick ratio of 0.89.
Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.03. The business had revenue of $187.68 million during the quarter, compared to the consensus estimate of $202.40 million. Chemical Financial had a return on equity of 10.14% and a net margin of 29.14%. During the same period in the prior year, the company earned $0.97 earnings per share. On average, equities research analysts expect that Chemical Financial will post 4.14 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, June 6th. Chemical Financial’s dividend payout ratio is presently 34.52%.
In related news, insider Thomas C. Shafer purchased 6,380 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $39.12 per share, with a total value of $249,585.60. Following the completion of the acquisition, the insider now directly owns 31,555 shares in the company, valued at $1,234,431.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David T. Provost purchased 10,100 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average cost of $39.19 per share, with a total value of $395,819.00. Following the completion of the acquisition, the chief executive officer now owns 104,494 shares of the company’s stock, valued at $4,095,119.86. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 26,498 shares of company stock valued at $1,037,609. Corporate insiders own 1.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CHFC. Norges Bank purchased a new position in Chemical Financial in the fourth quarter worth $24,443,000. BlackRock Inc. raised its position in Chemical Financial by 6.7% in the first quarter. BlackRock Inc. now owns 9,048,051 shares of the bank’s stock worth $372,419,000 after acquiring an additional 567,904 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in Chemical Financial in the first quarter worth $15,122,000. ClariVest Asset Management LLC purchased a new position in Chemical Financial in the first quarter worth $9,635,000. Finally, Millennium Management LLC raised its position in Chemical Financial by 2,109.1% in the fourth quarter. Millennium Management LLC now owns 227,403 shares of the bank’s stock worth $8,325,000 after acquiring an additional 217,109 shares in the last quarter. Hedge funds and other institutional investors own 86.71% of the company’s stock.
Chemical Financial Company Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers a range of banking and fiduciary products and services to residents and business customers. It offers 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, debit cards, safe deposit box, money transfer, automated teller machines, insurance and investment products, corporate and personal wealth management, and mortgage banking and other banking services.
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