Chemical Financial Co. (NASDAQ:CHFC) – Equities researchers at FIG Partners dropped their FY2018 earnings estimates for Chemical Financial in a research note issued on Monday, October 29th. FIG Partners analyst J. Rodis now expects that the bank will post earnings per share of $3.89 for the year, down from their prior forecast of $3.92. FIG Partners also issued estimates for Chemical Financial’s Q4 2018 earnings at $0.98 EPS, Q1 2019 earnings at $0.98 EPS, Q2 2019 earnings at $1.04 EPS, Q3 2019 earnings at $1.06 EPS and FY2019 earnings at $4.15 EPS.
A number of other research analysts also recently commented on CHFC. BidaskClub upgraded Chemical Financial from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Zacks Investment Research downgraded Chemical Financial from a “buy” rating to a “hold” rating in a report on Friday, July 27th. ValuEngine downgraded Chemical Financial from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. Boenning Scattergood upgraded Chemical Financial from an “under perform” rating to a “neutral” rating in a report on Thursday, October 25th. Finally, Raymond James reiterated a “buy” rating and issued a $53.00 price objective on shares of Chemical Financial in a report on Thursday, October 25th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $59.00.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.98 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $197.40 million for the quarter, compared to analysts’ expectations of $200.16 million. During the same quarter last year, the company earned $0.79 EPS.
The firm 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 $0.34 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.90%. Chemical Financial’s payout ratio is currently 44.44%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its position in shares of Chemical Financial by 45.1% in the 1st quarter. Stifel Financial Corp now owns 6,360 shares of the bank’s stock valued at $348,000 after purchasing an additional 1,977 shares during the period. UBS Group AG boosted its position in shares of Chemical Financial by 43.0% in the 1st quarter. UBS Group AG now owns 18,614 shares of the bank’s stock valued at $1,018,000 after purchasing an additional 5,593 shares during the period. Legal & General Group Plc boosted its position in shares of Chemical Financial by 11.4% in the 1st quarter. Legal & General Group Plc now owns 74,813 shares of the bank’s stock valued at $4,091,000 after purchasing an additional 7,633 shares during the period. Xact Kapitalforvaltning AB boosted its position in shares of Chemical Financial by 44.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 9,395 shares of the bank’s stock valued at $514,000 after purchasing an additional 2,900 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Chemical Financial by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 309,617 shares of the bank’s stock valued at $16,929,000 after purchasing an additional 9,094 shares during the period. Institutional investors and hedge funds own 83.28% of the company’s stock.
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.
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