Zacks Investment Research Lowers Chemical Financial Corporation (CHFC) to Hold
Chemical Financial Corporation (NASDAQ:CHFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
CHFC has been the subject of several other research reports. Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Stephens reiterated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. BidaskClub cut shares of Chemical Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $54.00 target price on shares of Chemical Financial Corporation in a research report on Thursday, August 10th. Finally, ValuEngine cut shares of Chemical Financial Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Chemical Financial Corporation presently has a consensus rating of “Hold” and a consensus target price of $54.07.
Shares of Chemical Financial Corporation (NASDAQ CHFC) traded up $0.48 on Tuesday, hitting $54.11. 159,700 shares of the stock were exchanged, compared to its average volume of 327,836. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $3,816.79, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 1.99 and a beta of 1.14. Chemical Financial Corporation has a fifty-two week low of $43.61 and a fifty-two week high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last posted 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 Corporation had a net margin of 24.23% and a return on equity of 8.05%. The firm had revenue of $175.75 million for the quarter, compared to the consensus estimate of $182.78 million. During the same period last year, the firm posted $0.75 EPS. The company’s revenue was up 41.1% on a year-over-year basis. equities research analysts expect that Chemical Financial Corporation will post 2.99 EPS for the current year.
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In other news, insider Lori A. Gwizdala sold 2,800 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $54.50, for a total transaction of $152,600.00. Following the completion of the transaction, the insider now owns 49,574 shares in the company, valued at approximately $2,701,783. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Larry D. Stauffer sold 1,900 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $53.19, for a total transaction of $101,061.00. Following the sale, the director now directly owns 15,853 shares of the company’s stock, valued at $843,221.07. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of CHFC. Vaughan Nelson Investment Management L.P. lifted its position in shares of Chemical Financial Corporation by 143.0% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,279,260 shares of the bank’s stock worth $119,114,000 after purchasing an additional 1,341,400 shares in the last quarter. Koch Industries Inc. acquired a new position in Chemical Financial Corporation in the second quarter worth approximately $515,000. Cambiar Investors LLC acquired a new position in Chemical Financial Corporation in the second quarter worth approximately $15,377,000. Schroder Investment Management Group grew its holdings in Chemical Financial Corporation by 24.1% during the second quarter. Schroder Investment Management Group now owns 1,575,071 shares of the bank’s stock valued at $76,407,000 after purchasing an additional 305,958 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Chemical Financial Corporation 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 purchasing an additional 206,663 shares during the last quarter. 79.05% of the stock is owned by 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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