Zacks Investment Research Lowers Chemical Financial (CHFC) to Sell

Zacks Investment Research downgraded shares of Chemical Financial (NASDAQ:CHFC) from a hold rating to a sell rating in a report issued on Friday.

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. “

Other research analysts have also recently issued reports about the company. Raymond James reissued a buy rating and issued a $53.00 price target on shares of Chemical Financial in a report on Thursday. BidaskClub raised Chemical Financial from a sell rating to a hold rating in a report on Saturday, July 28th. Sandler O’Neill cut Chemical Financial from a buy rating to a hold rating in a report on Thursday, July 26th. They noted that the move was a valuation call. Boenning Scattergood raised Chemical Financial from an under perform rating to a neutral rating in a report on Thursday. Finally, ValuEngine cut Chemical Financial from a hold rating to a sell rating in a report on Tuesday, October 2nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $59.00.



NASDAQ CHFC opened at $43.76 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. Chemical Financial has a 12 month low of $41.97 and a 12 month high of $59.83. The company has a market capitalization of $3.13 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.23 and a beta of 1.06.

Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.98 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.01). Chemical Financial had a return on equity of 9.98% and a net margin of 24.78%. The business had revenue of $197.40 million during the quarter, compared to analysts’ expectations of $200.16 million. During the same period in the prior year, the firm posted $0.79 earnings per share. As a group, equities analysts forecast that Chemical Financial will post 3.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.36 annualized dividend and a dividend yield of 3.11%. Chemical Financial’s dividend payout ratio (DPR) is 44.44%.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Chemical Financial by 5.8% during the 2nd quarter. BlackRock Inc. now owns 8,029,543 shares of the bank’s stock worth $447,003,000 after acquiring an additional 440,300 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Chemical Financial by 0.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,269,764 shares of the bank’s stock worth $126,358,000 after acquiring an additional 12,500 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Chemical Financial by 0.9% during the 2nd quarter. Northern Trust Corp now owns 1,819,174 shares of the bank’s stock worth $101,274,000 after acquiring an additional 15,567 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Chemical Financial by 3.7% during the 2nd quarter. Glenmede Trust Co. NA now owns 1,077,271 shares of the bank’s stock worth $59,972,000 after acquiring an additional 38,428 shares in the last quarter. Finally, Rothschild Asset Management Inc. raised its holdings in shares of Chemical Financial by 3.6% during the 2nd quarter. Rothschild Asset Management Inc. now owns 756,774 shares of the bank’s stock worth $42,130,000 after acquiring an additional 26,341 shares in the last quarter. 83.28% of the stock is currently owned by institutional investors and hedge funds.

Chemical Financial Company Profile

Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers banking and fiduciary products and services to residents and business customers. It offers 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, debit cards, safe deposit box, money transfer, automated teller machines, insurance and investment products, corporate and personal wealth management, and mortgage banking and other banking services.

Further Reading: Do You Need a Fiduciary?

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