9. Chemical Financial Shares of Chemical Financial ( CHFC) of Midland, Mich., closed at $18.31 Friday, declining 19% over the previous year. Based on a quarterly payout of 20 cents, the shares have a dividend yield of 4.37%. The company had $5.3 billion in total assets as of March 31, with over 140 branches in the Lower Peninsula of Michigan. Chemical on April 30 acquired O.A.K. Financial for $83.7 million in stock, bringing on $820 million in total assets and 14 branches in Ottawa, Allegan and Kent counties in west Michigan. First-quarter net income was $9.2 million, or 33 cents a share, increasing from $2.3 million, or 10 cents a share, a year earlier. The first-quarter provision for loan losses declined to $7.5 million, from $14 million during the first quarter of 2010. The first-quarter ROA was 0.69% and the dividend payout ratio was 61%. This was the best ROA and lowest payout ratio over the past year. KBW analyst Christopher McGratty reiterated his "market perform" or "hold" rating for Chemical Financial on April 18 after the earnings announcement, with a target price of $21, saying that the first-quarter results were "solid," and that the company was "well positioned to deploy its excess capital position through acquisitions over the intermediate term." The consensus among analysts is for the company to earn $1.35 a share for 2011. The shares trade for 12 times the consensus 2012 earnings estimate of $1.56 a share. All three analysts covering Chemical Financial have neutral ratings on the shares.