Zacks: Analysts Anticipate Chemical Financial Co. (CHFC) Will Post Quarterly Sales of $200.12 Million

Brokerages expect that Chemical Financial Co. (NASDAQ:CHFC) will announce sales of $200.12 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Chemical Financial’s earnings. The lowest sales estimate is $198.30 million and the highest is $202.00 million. Chemical Financial reported sales of $178.22 million in the same quarter last year, which indicates a positive year over year growth rate of 12.3%. The business is expected to announce its next earnings results on Tuesday, January 22nd.

According to Zacks, analysts expect that Chemical Financial will report full-year sales of $787.28 million for the current financial year, with estimates ranging from $779.00 million to $794.00 million. For the next financial year, analysts expect that the firm will report sales of $838.40 million, with estimates ranging from $828.10 million to $849.40 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Chemical Financial.

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 consensus estimate of $0.99 by ($0.01). The business had revenue of $197.40 million for the quarter, compared to the consensus estimate of $200.16 million. Chemical Financial had a return on equity of 9.98% and a net margin of 24.78%. During the same period in the prior year, the business earned $0.79 earnings per share.

Several equities research analysts have recently commented on CHFC shares. BidaskClub downgraded Chemical Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. ValuEngine downgraded Chemical Financial from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. Zacks Investment Research raised Chemical Financial from a “sell” rating to a “hold” rating in a report on Friday. Boenning Scattergood raised Chemical Financial from an “under perform” rating to a “neutral” rating in a report on Thursday, October 25th. Finally, Raymond James reissued a “buy” rating and issued a $53.00 price objective on shares of Chemical Financial in a report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $59.00.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC acquired a new stake in shares of Chemical Financial in the 3rd quarter valued at approximately $125,000. Vanguard Group Inc. boosted its holdings in shares of Chemical Financial by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 6,679,182 shares of the bank’s stock valued at $356,668,000 after buying an additional 101,931 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Chemical Financial by 46.7% in the 3rd quarter. Nordea Investment Management AB now owns 81,229 shares of the bank’s stock valued at $4,337,000 after buying an additional 25,843 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Chemical Financial by 2.5% during the 3rd quarter. Teachers Advisors LLC now owns 340,304 shares of the bank’s stock valued at $18,172,000 after purchasing an additional 8,417 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in Chemical Financial during the 3rd quarter valued at $371,000. 82.74% of the stock is owned by institutional investors.

Shares of CHFC opened at $47.20 on Monday. The company has a market cap of $3.37 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.34 and a beta of 1.15. Chemical Financial has a twelve month low of $41.97 and a twelve month high of $59.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.92 and a quick ratio of 0.91.

The business 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. This represents a $1.36 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Thursday, December 6th. Chemical Financial’s payout ratio is presently 44.44%.

About Chemical Financial

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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