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Chemical Financial

Nasdaq:CHFC
Snowflake Description

Flawless balance sheet, undervalued and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHFC
Nasdaq
$3B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

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. The last earnings update was 15 days ago. More info.


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CHFC Share Price and Events
7 Day Returns
-3.8%
NasdaqGS:CHFC
1.6%
US Banks
0.2%
US Market
1 Year Returns
-31.2%
NasdaqGS:CHFC
-9.3%
US Banks
2.9%
US Market
CHFC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Chemical Financial (CHFC) -3.8% -9.1% -15.9% -31.2% 0.1% 37.2%
US Banks 1.6% -1.8% -1.4% -9.3% 38.6% 47.3%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • CHFC underperformed the Banks industry which returned -9.3% over the past year.
  • CHFC underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
CHFC
Industry
5yr Volatility vs Market

Value

 Is Chemical Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Chemical Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Chemical Financial.

NasdaqGS:CHFC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= $40.65 * 11.4%
$4.64
Book Value of Equity per Share Weighted future Book Value estimates from 6 analysts. $40.65
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CHFC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.63
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.625 (1 + (1- 21%) (79.58%))
1.012
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.012 * 5.96%)
8.76%

Discounted Cash Flow Calculation for NasdaqGS:CHFC using Excess Returns Model Model

The calculations below outline how an intrinsic value for Chemical Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:CHFC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.4% – 8.76%) * $40.65)
$1.08
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.08 / (8.76% - 2.73%)
$17.86
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $40.65 + $17.86
$58.51
NasdaqGS:CHFC Discount to Share Price
Calculation Result
Value per share (USD) From above. $58.51
Current discount Discount to share price of $39.65
= -1 x ($39.65 - $58.51) / $58.51
32.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Chemical Financial is available for.
Intrinsic value
32%
Share price is $39.65 vs Future cash flow value of $58.51
Current Discount Checks
For Chemical Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Chemical Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Chemical Financial's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chemical Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chemical Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CHFC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.85
NasdaqGS:CHFC Share Price ** NasdaqGS (2019-05-23) in USD $39.65
United States of America Banks Industry PE Ratio Median Figure of 595 Publicly-Listed Banks Companies 12.86x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chemical Financial.

NasdaqGS:CHFC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CHFC Share Price ÷ EPS (both in USD)

= 39.65 ÷ 3.85

10.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemical Financial is good value based on earnings compared to the US Banks industry average.
  • Chemical Financial is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Chemical Financial's expected growth come at a high price?
Raw Data
NasdaqGS:CHFC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
46.9%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.36x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NasdaqGS:CHFC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.29x ÷ 46.9%

0.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemical Financial is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Chemical Financial's assets?
Raw Data
NasdaqGS:CHFC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $40.50
NasdaqGS:CHFC Share Price * NasdaqGS (2019-05-23) in USD $39.65
United States of America Banks Industry PB Ratio Median Figure of 600 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NasdaqGS:CHFC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CHFC Share Price ÷ Book Value per Share (both in USD)

= 39.65 ÷ 40.50

0.98x

* Primary Listing of Chemical Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemical Financial is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Chemical Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Chemical Financial has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Chemical Financial expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
46.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chemical Financial expected to grow at an attractive rate?
  • Chemical Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Chemical Financial's earnings growth is expected to exceed the United States of America market average.
  • Chemical Financial's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CHFC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CHFC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 46.9%
NasdaqGS:CHFC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 44.9%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CHFC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CHFC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 2,488 811 2
2020-12-31 2,398 688 6
2019-12-31 1,215 347 5
NasdaqGS:CHFC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 739 368 275
2018-12-31 738 324 284
2018-09-30 722 364 220
2018-06-30 700 353 190
2018-03-31 690 308 173
2017-12-31 669 275 149
2017-09-30 678 405 187
2017-06-30 631 323 158
2017-03-31 553 337 132
2016-12-31 481 281 108
2016-09-30 401 53 86
2016-06-30 373 120 99

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chemical Financial's earnings are expected to grow significantly at over 20% yearly.
  • Chemical Financial's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CHFC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Chemical Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHFC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.17 5.20 5.14 2.00
2020-12-31 4.42 5.35 3.42 7.00
2019-12-31 3.65 4.14 2.85 7.00
NasdaqGS:CHFC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.85
2018-12-31 3.98
2018-09-30 3.09
2018-06-30 2.68
2018-03-31 2.44
2017-12-31 2.10
2017-09-30 2.64
2017-06-30 2.42
2017-03-31 2.31
2016-12-31 2.20
2016-09-30 2.11
2016-06-30 2.60

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Chemical Financial is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Chemical Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chemical Financial has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Chemical Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chemical Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chemical Financial has delivered over 20% year on year earnings growth in the past 5 years.
  • Chemical Financial's 1-year earnings growth exceeds its 5-year average (58.9% vs 33%)
  • Chemical Financial's earnings growth has exceeded the US Banks industry average in the past year (58.9% vs 40.1%).
Earnings and Revenue History
Chemical Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chemical Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHFC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 738.93 275.22 348.22
2018-12-31 737.84 283.83 342.42
2018-09-30 721.55 220.35 332.87
2018-06-30 700.50 190.33 322.58
2018-03-31 689.52 173.18 317.03
2017-12-31 669.05 149.03 319.41
2017-09-30 677.55 186.59 339.53
2017-06-30 630.87 157.66 315.31
2017-03-31 552.97 131.64 279.46
2016-12-31 481.17 107.87 238.73
2016-09-30 401.45 86.29 184.92
2016-06-30 373.30 99.35 176.09
2016-03-31 362.82 92.60 173.22
2015-12-31 347.72 86.83 183.20
2015-09-30 329.37 76.63 162.72
2015-06-30 303.95 68.93 150.90
2015-03-31 284.81 66.14 142.23
2014-12-31 269.75 62.12 136.19
2014-09-30 257.46 61.19 130.34
2014-06-30 251.48 59.42 128.92
2014-03-31 247.06 57.39 128.50
2013-12-31 246.06 56.81 127.06
2013-09-30 240.86 54.09 124.83
2013-06-30 235.05 52.21 121.94
2013-03-31 230.10 51.87 116.90
2012-12-31 222.45 51.01 113.01
2012-09-30 218.25 50.55 109.22
2012-06-30 214.21 49.07 107.08

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chemical Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chemical Financial used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Chemical Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Chemical Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chemical Financial has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Chemical Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Chemical Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chemical Financial Company Filings, last reported 1 month ago.

NasdaqGS:CHFC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,897.51 2,257.70 564.94
2018-12-31 2,836.26 2,493.38 477.43
2018-09-30 2,788.92 2,123.94 710.32
2018-06-30 2,751.00 2,446.36 564.47
2018-03-31 2,703.28 2,436.87 582.49
2017-12-31 2,668.75 2,385.24 402.97
2017-09-30 2,673.09 2,724.18 723.92
2017-06-30 2,639.44 2,807.39 632.78
2017-03-31 2,600.05 1,798.70 452.57
2016-12-31 2,581.53 1,772.25 430.32
2016-09-30 2,563.67 1,419.37 573.76
2016-06-30 1,050.30 927.81 232.96
2016-03-31 1,032.29 557.11 291.37
2015-12-31 1,015.97 641.57 175.51
2015-09-30 998.36 578.41 291.54
2015-06-30 980.79 680.78 215.03
2015-03-31 810.50 372.24 393.94
2014-12-31 797.13 389.47 136.72
2014-09-30 801.61 323.09 382.14
2014-06-30 793.50 305.42 140.29
2014-03-31 705.60 361.23 382.39
2013-12-31 696.50 327.43 281.49
2013-09-30 673.32 357.60 493.11
2013-06-30 609.57 347.00 206.96
2013-03-31 604.76 347.48 578.73
2012-12-31 596.34 344.75 628.24
2012-09-30 598.10 348.71 438.72
2012-06-30 588.99 337.93 241.82
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Chemical Financial has an acceptable proportion of non-loan assets held.
  • Chemical Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Chemical Financial are broadly funded by customer deposits.
  • Chemical Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Chemical Financial has a sufficient allowance for bad loans.
  • Chemical Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Chemical Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chemical Financial has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Chemical Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.43%
Current annual income from Chemical Financial dividends. Estimated to be 3.6% next year.
If you bought $2,000 of Chemical Financial shares you are expected to receive $69 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Chemical Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Chemical Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase Chemical Financial before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CHFC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 477 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CHFC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.54 2.00
2020-12-31 1.44 6.00
2019-12-31 1.38 6.00
NasdaqGS:CHFC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-22 1.360 3.130
2018-11-08 1.360 3.238
2018-10-23 1.360 2.967
2018-08-08 1.360 2.488
2018-07-24 1.360 2.379
2018-05-09 1.120 1.964
2018-04-24 1.120 2.013
2017-10-18 1.120 2.030
2017-07-19 1.120 2.313
2017-04-26 1.080 2.265
2017-02-21 1.080 2.117
2016-11-09 1.080 2.085
2016-08-17 1.080 2.444
2016-04-20 1.040 2.660
2016-01-20 1.040 3.060
2015-10-22 1.040 3.003
2015-07-22 1.040 3.216
2015-05-20 0.960 2.966
2015-02-17 0.960 3.112
2014-11-18 0.960 3.264
2014-08-19 0.960 3.410
2014-07-24 0.920 3.308
2014-07-23 0.920 3.283
2014-02-18 0.920 3.128
2013-11-19 0.920 3.009
2013-08-20 0.880 3.111
2013-05-21 0.840 3.035
2013-02-19 0.840 3.342
2013-01-28 0.840 3.418
2012-08-21 0.840 3.617
2012-05-22 0.800 3.729
2012-02-21 0.800 3.591
2011-11-22 0.800 3.718
2011-08-23 0.800 4.602
2011-05-24 0.800 4.380
2011-02-22 0.800 4.024
2010-11-23 0.800 3.701
2010-08-24 0.800 3.921
2010-05-25 0.800 3.660
2010-02-23 0.800 3.439
2009-10-26 1.180 5.294
2009-07-27 1.180 5.514

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Chemical Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
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Income/ dividend checks
We assess Chemical Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chemical Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chemical Financial has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Chemical Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Provost
COMPENSATION $3,533,580
AGE 64
TENURE AS CEO 1.9 years
CEO Bio

Mr. David T. Provost has been President and Chief Executive Officer of Chemical Financial Corporation since June 26, 2017. Mr. Provost served as the Chief Executive Officer, President and Director of Talmer Bancorp, Inc. since December 2009. Mr. Provost served as the Chairman of Talmer Bank and Trust (also known as First Michigan Bank), a subsidiary of Talmer Bancorp, Inc. since December 14, 2009 and its Chief Executive Officer since 2008. He served as the President of Talmer Bank & Trust from December 2009 until September 2014. In 1989, he co-founded Bloomfield Hills Bancorp, Inc., and its subsidiary, The Private Bank. He served as the President and Chief Executive Officer of Bloomfield Hills Bancorp. He served as the Chairman and Chief Executive Officer of The Private Bank of Privatebancorp Inc. until March 7, 2008. He served as Chairman of the Board at First Michigan Bancorp, Inc. since December 14, 2009. He served as Vice Chairman of Chemical Financial Corporation until June 21, 2017 and has been its Director since August 31, 2016. Mr. Provost has served as a member of the board of directors of Plastipak Holdings, Inc. He served for 13 years in various capacities with Manufacturers National Bank of Detroit and Comerica Bank (also known as Manufacturers National Bank of Novi). He also served on the Board of Directors for The Private Bank and Trust Company in Chicago, Illinois. He was Chairman of the Board of Trustees of Alma College. He has a Bachelor's degree from Alma College. Mr. Provost holds an MBA from Eastern Michigan University and graduated from the University of Wisconsin School of Banking.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Chemical Financial management team in years:

2.8
Average Tenure
61
Average Age
  • The tenure for the Chemical Financial management team is about average.
Management Team

Gary Torgow

TITLE
Executive Chairman of the Board
COMPENSATION
$4M
AGE
61

David Provost

TITLE
President
COMPENSATION
$4M
AGE
64
TENURE
1.9 yrs

Dennis Klaeser

TITLE
Executive VP
COMPENSATION
$2M
AGE
61
TENURE
2.8 yrs

John Ryan

TITLE
Executive VP & COO
COMPENSATION
$1M
AGE
48
TENURE
0.8 yrs

Kathleen Wendt

TITLE
Executive VP & Deputy CFO
AGE
44
TENURE
1.3 yrs

William Collins

TITLE
Executive VP
AGE
65
TENURE
8 yrs

Sandy Kuohn

TITLE
Executive VP & Chief Human Resources Officer
AGE
53
TENURE
2.8 yrs

James Tomczyk

TITLE
Executive VP & Chief Credit Officer of Chemical Bank
COMPENSATION
$653K
AGE
65
TENURE
13.3 yrs

Robert Rathbun

TITLE
Executive VP & Regional President of the East Region of Chemical Bank
COMPENSATION
$1M
AGE
54
TENURE
4.1 yrs

Dan Terpsma

TITLE
Executive VP of Commercial Lending for Chemical Bank
COMPENSATION
$907K
AGE
63
Board of Directors Tenure

Average tenure and age of the Chemical Financial board of directors in years:

2.8
Average Tenure
62.5
Average Age
  • The average tenure for the Chemical Financial board of directors is less than 3 years, this suggests a new board.
Board of Directors

David Provost

TITLE
President
COMPENSATION
$4M
AGE
64
TENURE
2.8 yrs

Tom Shafer

TITLE
Vice Chairman of the Board
COMPENSATION
$3M
AGE
59
TENURE
1.9 yrs

Gary Torgow

TITLE
Executive Chairman of the Board
COMPENSATION
$4M
AGE
61
TENURE
2.8 yrs

Larry Stauffer

TITLE
Director
COMPENSATION
$177K
AGE
72
TENURE
13.3 yrs

Jim Fitterling

TITLE
Director
COMPENSATION
$193K
AGE
56
TENURE
8.8 yrs

Rich Lievense

TITLE
Director
COMPENSATION
$191K
AGE
64
TENURE
3.9 yrs

Ron Klein

TITLE
Director
COMPENSATION
$170K
AGE
60
TENURE
2.8 yrs

Arthur Weiss

TITLE
Director
COMPENSATION
$188K
AGE
69
TENURE
2.8 yrs

Jeff Tate

TITLE
Director
COMPENSATION
$169K
AGE
48
TENURE
2.2 yrs

Franklin Wheatlake

TITLE
Lead Director
COMPENSATION
$178K
AGE
70
TENURE
5.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
11. Jun 18 Sell Robert Rathbun Individual 07. Jun 18 07. Jun 18 -3,293 $58.86 $-193,826
X
Management checks
We assess Chemical Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chemical Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Chemical Financial Corporation's (NASDAQ:CHFC) P/E Ratio Signal A Buying Opportunity?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Chemical Financial Corporation's (NASDAQ:CHFC) P/E ratio and reflect on what it tells us about the company's share price. … How Do I Calculate A Price To Earnings Ratio

Simply Wall St -

Are Insiders Selling Chemical Financial Corporation (NASDAQ:CHFC) Stock?

So shareholders might well want to know whether insiders have been buying or selling shares in Chemical Financial Corporation (NASDAQ:CHFC). … Chemical Financial Insider Transactions Over The Last Year. … But the selling was at much higher prices than the current share price (US$42.43), so it probably doesn't tell us a lot about the value on offer today.

Simply Wall St -

Is Chemical Financial Corporation (NASDAQ:CHFC) A Smart Pick For Income Investors?

Historically, Chemical Financial Corporation (NASDAQ:CHFC) has been paying a dividend to shareholders. … Let's take a look at Chemical Financial in more detail. … Check out our latest analysis for Chemical Financial

Simply Wall St -

Is Chemical Financial Corporation (NASDAQ:CHFC) Over-Exposed To Risk?

Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Chemical Financial’s bottom line. … Looking through a risk-lens is a useful way to assess the attractiveness of Chemical Financial's a stock investment. … See our latest analysis for Chemical Financial

Simply Wall St -

Should You Be Concerned About Chemical Financial Corporation’s (NASDAQ:CHFC) Liquidity?

As a small-cap bank stock with a market capitalisation of US$4.12b, Chemical Financial Corporation’s (NASDAQ:CHFC) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … Basel III target banking regulations to improve the sector’s ability to absorb shocks resulting from economic stress which may expose financial institutions like Chemical Financial to vulnerabilities. … Low levels of leverage coupled with sufficient liquidity may place Chemical Financial in a safe position in the face of adverse headwinds.

Simply Wall St -

Chemical Financial Corporation (NASDAQ:CHFC): Is Growth Priced In?

Growth expectations for Chemical Financial Corporation (NASDAQ:CHFC) are high, but many investors are starting to ask whether its last close at $57.29 can still be rationalized by the future potential. … View our latest analysis for Chemical Financial? … According to the analysts covering the company, the following few years should bring about good growth prospects for Chemical Financial

Simply Wall St -

Is Chemical Financial Corporation (NASDAQ:CHFC) A Smart Pick For Income Investors?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … In the past 10 years Chemical Financial Corporation (NASDAQ:CHFC) has returned an average of 3.00% per year to investors in the form of dividend payouts. … Let's take a look at Chemical Financial in more detail.

Simply Wall St -

Three Key Risks For Chemical Financial Corporation (NASDAQ:CHFC) You Should Know

Chemical Financial Corporation (NASDAQ:CHFC) is a small-cap bank with a market capitalisation of US$3.97b. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Chemical Financial’s bottom line. … View our latest analysis for Chemical Financial

Simply Wall St -

What You Should Know About Chemical Financial Corporation’s (NASDAQ:CHFC) Risks

As a small-cap bank with a market capitalisation of US$4.15b, Chemical Financial Corporation’s (NASDAQ:CHFC) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Chemical Financial’s bottom line. … See our latest analysis for Chemical Financial

Simply Wall St -

How Chemical Financial Corporation (NASDAQ:CHFC) Can Add Value To Your Portfolio

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Chemical Financial Corporation (NASDAQ:CHFC) due to its excellent fundamentals in more than one area. … a excellent

Simply Wall St -

Company Info

Description

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. The company also offers mutual funds and annuities; trust, investment management, and custodial services; financial and estate planning; and retirement and employee benefit programs. As of December 31, 2018, it operated through 212 banking offices located in Michigan, northeast Ohio, and northern Indiana. The company has 8 loan production offices and approximately 237 automated teller machines. Chemical Financial Corporation was founded in 1917 and is headquartered in Detroit, Michigan.

Details
Name: Chemical Financial Corporation
CHFC
Exchange: NasdaqGS
Founded: 1917
$2,837,022,407
71,551,637
Website: http://www.chemicalbank.com
Address: Chemical Financial Corporation
333 West Fort Street,
Suite 1800,
Detroit,
Michigan, 48226,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CHFC Common Stock Nasdaq Global Select US USD 10. Nov 1980
DB YC4 Common Stock Deutsche Boerse AG DE EUR 10. Nov 1980
Number of employees
Current staff
Staff numbers
3,096
Chemical Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 23:34
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.