BidaskClub upgraded shares of Chemical Financial (NASDAQ:CHFC) from a buy rating to a strong-buy rating in a research note issued to investors on Wednesday.
Several other brokerages have also recently weighed in on CHFC. Keefe, Bruyette & Woods reissued a buy rating and set a $54.00 price objective on shares of Chemical Financial in a report on Thursday, August 10th. ValuEngine raised Chemical Financial from a hold rating to a buy rating in a report on Friday, December 1st. Zacks Investment Research cut Chemical Financial from a buy rating to a hold rating in a report on Tuesday, November 21st. Boenning Scattergood cut Chemical Financial from a neutral rating to an under perform rating and set a $41.50 price objective for the company. in a report on Tuesday, September 19th. Finally, Piper Jaffray Companies reissued a buy rating and set a $55.00 price objective on shares of Chemical Financial in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Chemical Financial presently has an average rating of Buy and an average price target of $54.07.
Chemical Financial (NASDAQ:CHFC) traded up $0.13 during trading on Wednesday, hitting $55.95. The company had a trading volume of 298,100 shares, compared to its average volume of 327,548. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.93. Chemical Financial has a fifty-two week low of $43.61 and a fifty-two week high of $58.17. The company has a market capitalization of $3,972.65, a PE ratio of 18.92, a price-to-earnings-growth ratio of 2.07 and a beta of 1.14.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.00%. Chemical Financial’s payout ratio is currently 42.75%.
In other news, Director Larry D. Stauffer sold 1,900 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $53.19, for a total transaction of $101,061.00. Following the completion of the transaction, the director now directly owns 15,853 shares in the company, valued at approximately $843,221.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory R. Bixby sold 3,500 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $57.05, for a total value of $199,675.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,619 shares of company stock valued at $755,964 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas grew its position in shares of Chemical Financial by 2.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 5,722 shares of the bank’s stock valued at $277,000 after purchasing an additional 117 shares during the period. World Asset Management Inc grew its position in shares of Chemical Financial by 2.9% in the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock valued at $216,000 after purchasing an additional 128 shares during the period. Capstone Asset Management Co. grew its position in shares of Chemical Financial by 2.7% in the 2nd quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock valued at $257,000 after purchasing an additional 140 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Chemical Financial by 3.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,622 shares of the bank’s stock valued at $272,000 after purchasing an additional 205 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Chemical Financial by 0.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,470 shares of the bank’s stock valued at $1,911,000 after purchasing an additional 299 shares during the period. Institutional investors own 78.44% of the company’s stock.
About Chemical Financial
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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