Chemical Financial (CHFC) Cut to Hold at ValuEngine
Chemical Financial (NASDAQ:CHFC) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
A number of other brokerages have also recently commented on CHFC. BidaskClub raised shares of Chemical Financial from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 6th. Keefe, Bruyette & Woods cut shares of Chemical Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, October 26th. Piper Jaffray Companies reissued a “buy” rating and issued a $55.00 price objective on shares of Chemical Financial in a research note on Friday, October 27th. Boenning Scattergood reissued a “sell” rating on shares of Chemical Financial in a research note on Thursday, October 26th. Finally, Zacks Investment Research cut shares of Chemical Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $55.57.
Shares of Chemical Financial (CHFC) traded up $0.84 during mid-day trading on Wednesday, reaching $54.50. 318,244 shares of the company’s stock were exchanged, compared to its average volume of 344,957. Chemical Financial has a twelve month low of $43.61 and a twelve month high of $58.17. The stock has a market capitalization of $3,860.00, a PE ratio of 20.72, a P/E/G ratio of 1.62 and a beta of 1.15. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15.
Chemical Financial (NASDAQ:CHFC) last announced its earnings results on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. The business had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. During the same period in the prior year, the company earned $0.75 earnings per share. The firm’s revenue was up 41.1% on a year-over-year basis. sell-side analysts predict that Chemical Financial will post 2.99 earnings per share for the current year.
In other news, Director Larry D. Stauffer sold 1,900 shares of the stock in a transaction on Monday, October 30th. The shares were 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ronald A. Klein sold 2,619 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $56.75, for a total transaction of $148,628.25. Following the completion of the sale, the director now directly owns 9,139 shares of the company’s stock, valued at $518,638.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,619 shares of company stock valued at $755,964. Corporate insiders own 2.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CHFC. BlackRock Inc. grew its stake in Chemical Financial by 2.9% during the second quarter. BlackRock Inc. now owns 7,327,868 shares of the bank’s stock valued at $354,743,000 after acquiring an additional 206,663 shares in the last quarter. Vanguard Group Inc. grew its stake in Chemical Financial by 1.8% during the second quarter. Vanguard Group Inc. now owns 6,121,518 shares of the bank’s stock valued at $296,344,000 after acquiring an additional 107,446 shares in the last quarter. State Street Corp grew its stake in Chemical Financial by 1.4% during the second quarter. State Street Corp now owns 3,346,155 shares of the bank’s stock valued at $161,989,000 after acquiring an additional 44,831 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Chemical Financial by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,971,100 shares of the bank’s stock valued at $155,269,000 after acquiring an additional 44,421 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Chemical Financial by 143.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,279,260 shares of the bank’s stock valued at $119,114,000 after acquiring an additional 1,341,400 shares in the last quarter. 78.42% of the stock is owned by hedge funds and other institutional investors.
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Chemical Financial 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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