Chemical Financial (NASDAQ:CHFC) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
Several other research firms also recently weighed in on CHFC. Boenning Scattergood reaffirmed a “sell” rating on shares of Chemical Financial in a research note on Thursday, October 26th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $55.00 price target on shares of Chemical Financial in a research note on Friday, October 27th. ValuEngine downgraded shares of Chemical Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Keefe, Bruyette & Woods downgraded shares of Chemical Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 26th. Finally, Zacks Investment Research raised shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Chemical Financial has an average rating of “Buy” and an average price target of $54.07.
Shares of Chemical Financial (NASDAQ:CHFC) opened at $54.45 on Tuesday. Chemical Financial has a 52-week low of $43.61 and a 52-week high of $58.17. 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 $3,880.00, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $175.75 million for the quarter, compared to analyst estimates of $182.78 million. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. Chemical Financial’s revenue was up 41.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share. equities research analysts expect that Chemical Financial will post 2.99 EPS for the current fiscal year.
In other Chemical Financial news, Director Larry D. Stauffer sold 1,900 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $53.19, for a total value of $101,061.00. Following the transaction, the director now directly owns 15,853 shares in the company, valued at $843,221.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald A. Klein sold 2,619 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $56.75, for a total transaction of $148,628.25. Following the completion of the transaction, the director now owns 9,139 shares in the company, valued at $518,638.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,619 shares of company stock worth $755,964. 2.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Zions Bancorporation bought a new position in shares of Chemical Financial in the 3rd quarter worth $121,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Chemical Financial by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock worth $116,000 after buying an additional 389 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Chemical Financial by 220.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after buying an additional 2,525 shares during the period. Riverhead Capital Management LLC boosted its position in Chemical Financial by 59.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after buying an additional 1,427 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted its position in Chemical Financial by 99.2% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 4,164 shares of the bank’s stock valued at $218,000 after buying an additional 2,074 shares during the period. 78.44% of the stock is currently 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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