Chemical Financial (CHFC) Lowered to Buy at BidaskClub
BidaskClub lowered shares of Chemical Financial (NASDAQ:CHFC) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday morning.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Chemical Financial from a buy rating to a hold rating in a research report on Tuesday, November 21st. Boenning Scattergood downgraded Chemical Financial from a neutral rating to an under perform rating and set a $41.50 price objective for the company. in a research report on Tuesday, September 19th. ValuEngine raised Chemical Financial from a hold rating to a buy rating in a research report on Friday, December 1st. Piper Jaffray Companies reissued a buy rating and set a $55.00 price objective on shares of Chemical Financial in a research report on Friday, October 27th. Finally, Keefe, Bruyette & Woods downgraded Chemical Financial from an outperform rating to a market perform rating in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $54.07.
Shares of Chemical Financial (NASDAQ CHFC) traded up $1.51 on Tuesday, hitting $55.37. The company’s stock had a trading volume of 1,217,631 shares, compared to its average volume of 291,627. Chemical Financial has a twelve month low of $43.61 and a twelve month high of $58.17. The firm has a market cap of $3,833.16, a P/E ratio of 18.26, a PEG ratio of 2.00 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Thursday, November 30th. Chemical Financial’s payout ratio is 42.75%.
In related news, Director Larry D. Stauffer sold 1,900 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 15,853 shares of the company’s stock, valued at approximately $843,221.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald A. Klein sold 2,619 shares of Chemical Financial stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $56.75, for a total value of $148,628.25. Following the completion of the transaction, 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. Insiders have sold a total of 13,619 shares of company stock valued at $755,964 over the last three months. Corporate insiders own 2.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHFC. Capstone Asset Management Co. grew its position in Chemical Financial by 2.7% in the 2nd quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock valued at $257,000 after acquiring an additional 140 shares in the last quarter. Strs Ohio grew its position in Chemical Financial by 6.0% in the 2nd quarter. Strs Ohio now owns 8,900 shares of the bank’s stock valued at $430,000 after acquiring an additional 500 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Chemical Financial by 2.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 45,465 shares of the bank’s stock valued at $2,200,000 after acquiring an additional 1,030 shares in the last quarter. World Asset Management Inc grew its position in Chemical Financial by 2.9% in the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock valued at $216,000 after acquiring an additional 128 shares in the last quarter. Finally, Sei Investments Co. grew its position in Chemical Financial by 3.6% in the 2nd quarter. Sei Investments Co. now owns 20,329 shares of the bank’s stock valued at $984,000 after acquiring an additional 698 shares in the last quarter. 78.44% of the stock is owned by institutional investors.
About Chemical Financial
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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