Chemical Bank (CHFC) Receives $59.80 Consensus Target Price from Brokerages

Chemical Bank (NASDAQ:CHFC) has received an average rating of “Hold” from the nine research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $59.80.

A number of research firms have recently weighed in on CHFC. Zacks Investment Research raised Chemical Bank from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Wednesday, April 4th. ValuEngine cut Chemical Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $63.00 price objective on shares of Chemical Bank in a research report on Tuesday, February 27th. Hilliard Lyons raised Chemical Bank from a “neutral” rating to a “buy” rating in a research report on Friday, January 26th. Finally, DA Davidson lifted their price objective on Chemical Bank to $70.00 and gave the company an “average” rating in a research report on Thursday, January 25th.

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In other Chemical Bank news, CEO David T. Provost bought 3,356 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were bought at an average price of $58.50 per share, with a total value of $196,326.00. Following the purchase, the chief executive officer now owns 96,296 shares of the company’s stock, valued at $5,633,316. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lori A. Gwizdala sold 1,808 shares of Chemical Bank stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $58.98, for a total value of $106,635.84. Following the sale, the insider now directly owns 50,560 shares in the company, valued at approximately $2,982,028.80. The disclosure for this sale can be found here. Insiders have sold a total of 67,236 shares of company stock worth $3,933,758 in the last three months. 1.40% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CHFC. Sei Investments Co. raised its stake in Chemical Bank by 10.6% during the 3rd quarter. Sei Investments Co. now owns 22,483 shares of the bank’s stock valued at $1,175,000 after purchasing an additional 2,154 shares during the period. New York State Common Retirement Fund raised its stake in Chemical Bank by 10.2% during the 3rd quarter. New York State Common Retirement Fund now owns 194,115 shares of the bank’s stock valued at $10,144,000 after purchasing an additional 17,955 shares during the period. Russell Investments Group Ltd. raised its stake in Chemical Bank by 37.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 64,262 shares of the bank’s stock valued at $3,358,000 after purchasing an additional 17,622 shares during the period. Ameriprise Financial Inc. raised its stake in Chemical Bank by 1.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 204,254 shares of the bank’s stock valued at $10,674,000 after purchasing an additional 2,342 shares during the period. Finally, Legal & General Group Plc increased its stake in Chemical Bank by 15.4% in the 3rd quarter. Legal & General Group Plc now owns 66,093 shares of the bank’s stock worth $3,456,000 after acquiring an additional 8,829 shares during the last quarter. 80.05% of the stock is currently owned by institutional investors.

CHFC stock opened at $54.23 on Friday. Chemical Bank has a twelve month low of $43.61 and a twelve month high of $59.83. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $3,866.76, a PE ratio of 17.72, a P/E/G ratio of 1.54 and a beta of 1.19.

Chemical Bank (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.05. Chemical Bank had a return on equity of 8.46% and a net margin of 19.26%. The firm had revenue of $178.22 million for the quarter, compared to analysts’ expectations of $183.89 million. equities analysts forecast that Chemical Bank will post 3.91 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 16th. Investors of record on Friday, March 2nd were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.07%. The ex-dividend date was Thursday, March 1st. Chemical Bank’s dividend payout ratio (DPR) is presently 36.60%.

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Chemical Bank Company Profile

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.

Analyst Recommendations for Chemical Bank (NASDAQ:CHFC)

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