Chemical Financial Corporation’s (CHFC) “Hold” Rating Reaffirmed at Boenning Scattergood
Boenning Scattergood reaffirmed their hold rating on shares of Chemical Financial Corporation (NASDAQ:CHFC) in a research note released on Wednesday morning. Boenning Scattergood also issued estimates for Chemical Financial Corporation’s Q3 2017 earnings at $0.75 EPS and FY2018 earnings at $3.24 EPS.
“We continue to view Chemical Financial Corporation as a mature bank with a healthy combination of rapid growth and elite return metrics. The company’s transformational merger with Talmer Bancorp has made Chemical the largest locally- headquartered bank in the state of Michigan and, with its larger balance sheet, the company appears positioned to take advantage of previously untapped opportunities in the middle market. 2Q17 results were generally encouraging with strong organic growth and disciplined cost control driving earnings ahead of our estimate. Additionally, the company recently announced the retirement of long-time CEO David Ramaker, who has been replaced by David Provost (prior Talmer CEO) as CEO of the holding company, and Thomas Shafer (prior Talmer COO) as CEO of the bank. While we remain highly confident that Chemical will successfully meet these challenges in the long run with its new management team, we continue to believe the stock has already benefited from the financial impact of the Talmer deal, and caution investors regarding the potential for lumpy results in the interim while the company allocates resources to complete the integration process and refine its strategic plan as a regional bank. In consideration of these factors, we maintain our Neutral rating on CHFC shares.”,” the firm’s analyst commented.
CHFC has been the topic of several other research reports. Zacks Investment Research downgraded Chemical Financial Corporation from a hold rating to a sell rating in a report on Tuesday, April 4th. Piper Jaffray Companies assumed coverage on Chemical Financial Corporation in a report on Thursday, July 6th. They issued an overweight rating and a $56.00 price objective on the stock. BidaskClub downgraded Chemical Financial Corporation from a hold rating to a sell rating in a report on Thursday, June 22nd. Hilliard Lyons upgraded Chemical Financial Corporation to a buy rating and boosted their price objective for the company from $54.00 to $55.00 in a report on Friday, April 28th. Finally, Stephens upgraded Chemical Financial Corporation from an equal weight rating to an overweight rating and set a $56.00 price objective on the stock in a report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $56.33.
Chemical Financial Corporation (NASDAQ:CHFC) traded down 1.39% during trading on Wednesday, hitting $48.10. The stock had a trading volume of 303,462 shares. The company has a market cap of $3.42 billion, a P/E ratio of 20.16 and a beta of 1.13. The firm has a 50 day moving average of $48.58 and a 200-day moving average of $49.49. Chemical Financial Corporation has a one year low of $40.93 and a one year high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.01. The firm had revenue of $179.52 million for the quarter, compared to the consensus estimate of $178.21 million. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. Equities analysts anticipate that Chemical Financial Corporation will post $3.00 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.33%. This is a boost from Chemical Financial Corporation’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is presently 47.58%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHFC. BlackRock Inc. boosted its position in Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock valued at $364,250,000 after buying an additional 7,082,293 shares during the last quarter. State Street Corp boosted its position in Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock valued at $168,860,000 after buying an additional 696,794 shares during the last quarter. Vanguard Group Inc. boosted its position in Chemical Financial Corporation by 6.6% in the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock valued at $307,620,000 after buying an additional 374,588 shares during the last quarter. Cambiar Investors LLC bought a new position in Chemical Financial Corporation during the second quarter valued at approximately $15,377,000. Finally, Schroder Investment Management Group boosted its position in Chemical Financial Corporation by 31.2% in the first quarter. Schroder Investment Management Group now owns 1,269,113 shares of the bank’s stock valued at $66,032,000 after buying an additional 301,993 shares during the last quarter. 79.07% of the stock is owned by hedge funds and other institutional investors.
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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