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. “
Several other analysts have also weighed in on the company. BidaskClub raised Wintrust Financial from a strong sell rating to a sell rating in a report on Monday, April 1st. FIG Partners raised Chemical Financial from a market perform rating to an outperform rating and set a $50.00 price objective on the stock in a report on Tuesday, March 26th. ValuEngine raised ZIX from a buy rating to a strong-buy rating in a report on Saturday, May 4th. Finally, Piper Jaffray Companies cut their target price on Apyx Medical to $7.00 and set an overweight rating for the company in a research report on Wednesday, May 8th. Two 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’s stock. The company presently has an average rating of Hold and an average target price of $52.71.
Chemical Financial (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.03. Chemical Financial had a return on equity of 10.14% and a net margin of 29.14%. The company had revenue of $187.68 million for the quarter, compared to analyst estimates of $202.40 million. During the same quarter last year, the firm earned $0.97 EPS. As a group, equities research analysts anticipate that Chemical Financial will post 4.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $1.36 annualized dividend and a dividend yield of 3.25%. Chemical Financial’s dividend payout ratio (DPR) is presently 34.52%.
In other Chemical Financial news, VP Dennis L. Klaeser acquired 10,018 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $39.15 per share, for a total transaction of $392,204.70. Following the transaction, the vice president now owns 59,431 shares in the company, valued at approximately $2,326,723.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David T. Provost acquired 10,100 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $39.19 per share, with a total value of $395,819.00. Following the transaction, the chief executive officer now owns 104,494 shares in the company, valued at approximately $4,095,119.86. The disclosure for this purchase can be found here. Insiders have purchased a total of 26,498 shares of company stock valued at $1,037,609 in the last 90 days. 1.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Chemical Financial during the first quarter worth $33,000. Royce & Associates LP acquired a new stake in shares of Chemical Financial during the first quarter worth $51,000. Toronto Dominion Bank grew its stake in shares of Chemical Financial by 40.7% during the first quarter. Toronto Dominion Bank now owns 1,439 shares of the bank’s stock worth $59,000 after purchasing an additional 416 shares during the period. Hilton Capital Management LLC acquired a new stake in shares of Chemical Financial during the first quarter worth $92,000. Finally, Belpointe Asset Management LLC acquired a new position in Chemical Financial in the first quarter valued at about $111,000. Hedge funds and other institutional investors own 86.71% of the company’s stock.
Chemical Financial Company Profile
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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