$182.21 Million in Sales Expected for Chemical Financial Corporation (CHFC) This Quarter
Wall Street brokerages predict that Chemical Financial Corporation (NASDAQ:CHFC) will report $182.21 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Chemical Financial Corporation’s earnings. The highest sales estimate is $183.75 million and the lowest is $179.90 million. Chemical Financial Corporation posted sales of $124.58 million during the same quarter last year, which suggests a positive year-over-year growth rate of 46.3%. The firm is scheduled to issue its next earnings report after the market closes on Tuesday, October 24th.
According to Zacks, analysts expect that Chemical Financial Corporation will report full-year sales of $182.21 million for the current year, with estimates ranging from $711.10 million to $723.00 million. For the next year, analysts expect that the company will post sales of $771.75 million per share, with estimates ranging from $767.00 million to $779.90 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Chemical Financial Corporation.
Chemical Financial Corporation (NASDAQ:CHFC) last released its earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. The company had revenue of $179.52 million for the quarter, compared to analysts’ expectations of $178.21 million.
A number of equities research analysts have recently commented on CHFC shares. BidaskClub raised Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. DA Davidson started coverage on Chemical Financial Corporation in a research report on Wednesday, July 5th. They set a “buy” rating and a $58.00 price target on the stock. Stephens raised Chemical Financial Corporation from an “equal weight” rating to an “overweight” rating and set a $56.00 price target on the stock in a research report on Monday, July 10th. Zacks Investment Research raised Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, Piper Jaffray Companies started coverage on Chemical Financial Corporation in a research report on Thursday, July 6th. They set an “overweight” rating and a $56.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned 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 an average price target of $54.21.
In related news, Director Larry D. Stauffer sold 2,110 shares of the stock in a transaction dated Tuesday, August 15th. The stock was 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 directly owns 13,246 shares in the company, valued at $628,787.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard M. Lievense sold 14,659 shares of the stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $48.20, for a total value of $706,563.80. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of Chemical Financial Corporation by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 870,782 shares of the bank’s stock worth $42,153,000 after buying an additional 13,044 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Chemical Financial Corporation by 141.7% during the second quarter. Prudential Financial Inc. now owns 114,197 shares of the bank’s stock worth $5,528,000 after buying an additional 66,940 shares in the last quarter. Chatham Capital Group Inc. grew its holdings in shares of Chemical Financial Corporation by 8.2% during the second quarter. Chatham Capital Group Inc. now owns 30,815 shares of the bank’s stock worth $1,492,000 after buying an additional 2,335 shares in the last quarter. Strs Ohio grew its holdings in shares of Chemical Financial Corporation by 6.0% during the second quarter. Strs Ohio now owns 8,900 shares of the bank’s stock worth $430,000 after buying an additional 500 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of 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 buying an additional 696,794 shares in the last quarter. Institutional investors and hedge funds own 76.46% of the company’s stock.
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Chemical Financial Corporation (CHFC) opened at 53.12 on Monday. Chemical Financial Corporation has a 1-year low of $40.93 and a 1-year high of $55.55. The firm’s 50-day moving average price is $49.32 and its 200 day moving average price is $48.19. The stock has a market cap of $3.78 billion, a PE ratio of 22.26 and a beta of 1.15.
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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