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 topic of a number of other reports. Piper Jaffray Companies decreased their price target on Apyx Medical to $7.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. FIG Partners raised Chemical Financial from a market perform rating to an outperform rating and set a $50.00 price target on the stock in a research note on Tuesday, March 26th. ValuEngine raised ZIX from a buy rating to a strong-buy rating in a research note on Saturday, May 4th. Finally, BidaskClub raised Wintrust Financial from a strong sell rating to a sell rating in a research note on Monday, April 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Chemical Financial has a consensus rating of Hold and a consensus target price of $52.71.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.03. Chemical Financial had a return on equity of 10.14% and a net margin of 29.14%. The firm had revenue of $187.68 million for the quarter, compared to analyst estimates of $202.40 million. During the same period last year, the company earned $0.97 EPS. On average, equities analysts predict that Chemical Financial will post 4.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, June 6th. Chemical Financial’s dividend payout ratio is currently 34.52%.
In other news, insider Thomas C. Shafer acquired 6,380 shares of Chemical Financial stock in a transaction dated Thursday, June 13th. The shares were acquired at an average cost of $39.12 per share, with a total value of $249,585.60. Following the purchase, the insider now directly owns 31,555 shares of the company’s stock, valued at approximately $1,234,431.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Dennis L. Klaeser acquired 10,018 shares of Chemical Financial stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $39.15 per share, for a total transaction of $392,204.70. Following the completion of the purchase, the vice president now directly owns 59,431 shares in the company, valued at $2,326,723.65. The disclosure for this purchase can be found here. Insiders bought a total of 26,498 shares of company stock worth $1,037,609 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Chemical Financial by 6.7% in the 1st quarter. BlackRock Inc. now owns 9,048,051 shares of the bank’s stock valued at $372,419,000 after purchasing an additional 567,904 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Chemical Financial by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,189,834 shares of the bank’s stock valued at $116,781,000 after purchasing an additional 185,916 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Chemical Financial by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 891,320 shares of the bank’s stock worth $32,632,000 after acquiring an additional 23,508 shares in the last quarter. Geode Capital Management LLC lifted its position in Chemical Financial by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 821,489 shares of the bank’s stock worth $30,073,000 after acquiring an additional 64,505 shares in the last quarter. Finally, Westwood Holdings Group Inc. lifted its position in Chemical Financial by 4.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 792,320 shares of the bank’s stock worth $32,612,000 after acquiring an additional 33,495 shares in the last quarter. 86.71% of the stock is currently owned by institutional investors and hedge funds.
About Chemical Financial
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers a range of 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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