Chemical Financial Corporation (CHFC) Expected to Post Quarterly Sales of $178.74 Million

Wall Street brokerages expect Chemical Financial Corporation (NASDAQ:CHFC) to announce sales of $178.74 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Chemical Financial Corporation’s earnings, with the highest sales estimate coming in at $181.82 million and the lowest estimate coming in at $175.40 million. Chemical Financial Corporation reported sales of $98.39 million during the same quarter last year, which would suggest a positive year over year growth rate of 81.7%. The firm is expected to issue its next earnings report on Tuesday, July 25th.

On average, analysts expect that Chemical Financial Corporation will report full year sales of $178.74 million for the current financial year, with estimates ranging from $704.70 million to $729.99 million. For the next financial year, analysts anticipate that the firm will report sales of $775.07 million per share, with estimates ranging from $759.00 million to $798.01 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Chemical Financial Corporation.

Chemical Financial Corporation (NASDAQ:CHFC) last released its earnings results on Tuesday, April 25th. The bank reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.01. Chemical Financial Corporation had a return on equity of 7.47% and a net margin of 21.37%. The firm had revenue of $168.11 million during the quarter, compared to analysts’ expectations of $173.51 million.

Several brokerages recently issued reports on CHFC. Zacks Investment Research cut shares of Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, March 29th. BidaskClub raised shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Hilliard Lyons raised shares of Chemical Financial Corporation to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research note on Friday, April 28th. Finally, Keefe, Bruyette & Woods set a $55.00 price objective on shares of Chemical Financial Corporation and gave the stock a “buy” rating in a research note on Saturday, April 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Chemical Financial Corporation currently has a consensus rating of “Hold” and an average price target of $56.00.

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Chemical Financial Corporation (CHFC) traded down 1.12% during midday trading on Friday, reaching $48.65. The company’s stock had a trading volume of 847,607 shares. Chemical Financial Corporation has a 12 month low of $34.82 and a 12 month high of $55.55. The company has a market cap of $3.46 billion, a PE ratio of 21.33 and a beta of 1.14. The stock has a 50-day moving average price of $47.34 and a 200 day moving average price of $50.59.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be paid a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.08 annualized dividend and a dividend yield of 2.22%. Chemical Financial Corporation’s dividend payout ratio is presently 48.87%.

In other news, Director Richard M. Lievense sold 13,351 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $47.87, for a total value of $639,112.37. Following the transaction, the director now owns 59,192 shares in the company, valued at $2,833,521.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Glen Harbor Capital Management LLC increased its position in shares of Chemical Financial Corporation by 9.7% in the first quarter. Glen Harbor Capital Management LLC now owns 2,176 shares of the bank’s stock valued at $111,000 after buying an additional 192 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Chemical Financial Corporation by 153.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,722 shares of the bank’s stock valued at $139,000 after buying an additional 1,650 shares in the last quarter. Tyers Asset Management LLC purchased a new position in shares of Chemical Financial Corporation during the fourth quarter valued at about $148,000. Bronfman E.L. Rothschild L.P. increased its position in shares of Chemical Financial Corporation by 4.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,892 shares of the bank’s stock valued at $148,000 after buying an additional 131 shares in the last quarter. Finally, Creative Planning increased its position in shares of Chemical Financial Corporation by 11.2% in the first quarter. Creative Planning now owns 3,043 shares of the bank’s stock valued at $156,000 after buying an additional 307 shares in the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

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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