Chemical Financial Corporation (CHFC) Downgraded by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Chemical Financial Corporation (NASDAQ:CHFC) from an outperform rating to a market perform rating in a research report report published on Thursday, MarketBeat reports.

Several other equities research analysts have also weighed in on the company. BidaskClub raised Chemical Financial Corporation from a strong sell rating to a sell rating in a research note on Saturday, August 26th. DA Davidson started coverage on Chemical Financial Corporation in a research note on Wednesday, July 5th. They set a buy rating and a $58.00 price objective for the company. Stephens raised Chemical Financial Corporation from an equal weight rating to an overweight rating and set a $56.00 price objective for the company in a research note on Monday, July 10th. Zacks Investment Research raised Chemical Financial Corporation from a sell rating to a hold rating in a research note on Monday, July 3rd. Finally, Piper Jaffray Companies started coverage on Chemical Financial Corporation in a research note on Thursday, July 6th. They set an overweight rating and a $56.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $54.07.

Chemical Financial Corporation (NASDAQ CHFC) traded down 1.03% during mid-day trading on Thursday, reaching $53.87. The company’s stock had a trading volume of 470,031 shares. The firm’s 50 day moving average price is $51.46 and its 200 day moving average price is $48.48. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The firm has a market capitalization of $3.83 billion, a P/E ratio of 23.63 and a beta of 1.15.

Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. Chemical Financial Corporation had a return on equity of 8.05% and a net margin of 24.23%. The company had revenue of $175.75 million for the quarter, compared to analysts’ expectations of $182.78 million. During the same period last year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was up 41.1% on a year-over-year basis. On average, analysts anticipate that Chemical Financial Corporation will post $2.97 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, November 30th. Chemical Financial Corporation’s dividend payout ratio is presently 42.75%.

In other news, Director Larry D. Stauffer sold 2,110 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total transaction of $100,161.70. Following the completion of the sale, the director now directly owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas boosted its position in shares of Chemical Financial Corporation by 2.1% in the second quarter. Teacher Retirement System of Texas now owns 5,722 shares of the bank’s stock worth $277,000 after buying an additional 117 shares during the period. World Asset Management Inc boosted its position in shares of Chemical Financial Corporation by 2.9% in the second quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock worth $216,000 after buying an additional 128 shares during the period. Capstone Asset Management Co. boosted its position in shares of Chemical Financial Corporation by 2.7% in the second quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock worth $257,000 after buying an additional 140 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Chemical Financial Corporation by 3.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,622 shares of the bank’s stock worth $272,000 after buying an additional 205 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Chemical Financial Corporation by 0.8% in the second quarter. Public Employees Retirement System of Ohio now owns 39,470 shares of the bank’s stock worth $1,911,000 after buying an additional 299 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Chemical Financial Corporation Company Profile

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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