Chemical Financial (CHFC) Rating Increased to Buy at Zacks Investment Research
Chemical Financial (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $61.00 price objective on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.40% from the company’s previous close.
According to Zacks, “CHEMICAL FINANCIAL CORP. is a multi-bank holding company. The company business is concentrated in a single industry segment, commercial banking. Subsidiaries offer a full range of commercial banking and fiduciary services. These include accepting deposits, residential and commercial real estate financing, commercial lending, consumer financing, debit cards, safe deposit services, automated teller machines, money transfer services, corporate and personal trust services and other banking services. “
Several other research analysts have also issued reports on CHFC. Boenning Scattergood lowered shares of Chemical Financial from a “neutral” rating to an “under perform” rating and set a $41.50 target price on the stock. in a research note on Tuesday, September 19th. Keefe, Bruyette & Woods downgraded shares of Chemical Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $55.00 price target on shares of Chemical Financial in a research report on Friday, October 27th. ValuEngine downgraded shares of Chemical Financial from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Finally, BidaskClub upgraded shares of Chemical Financial from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $54.36.
Chemical Financial (NASDAQ CHFC) opened at $53.79 on Tuesday. The stock has a market cap of $3,880.00, a PE ratio of 20.45, a PEG ratio of 2.02 and a beta of 1.14. 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 one year low of $43.61 and a one year high of $58.17.
Chemical Financial (NASDAQ:CHFC) last issued its earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. The company had revenue of $175.75 million for the quarter, compared to analyst estimates of $182.78 million. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. The company’s revenue for the quarter was up 41.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS. sell-side analysts expect that Chemical Financial will post 2.99 earnings per share for the current fiscal year.
In other news, insider Lori A. Gwizdala sold 2,800 shares of Chemical Financial stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $54.50, for a total value of $152,600.00. Following the sale, the insider now directly owns 49,574 shares in the company, valued at $2,701,783. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Larry D. Stauffer sold 1,900 shares of Chemical Financial stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $53.19, for a total transaction of $101,061.00. Following the completion of the sale, the director now owns 15,853 shares in the company, valued at $843,221.07. The disclosure for this sale can be found here. Insiders have sold a total of 13,619 shares of company stock worth $755,964 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CHFC. Strs Ohio raised its holdings in shares of Chemical Financial by 6.0% in the second quarter. Strs Ohio now owns 8,900 shares of the bank’s stock valued at $430,000 after purchasing an additional 500 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Chemical Financial by 3.6% in the second quarter. Sei Investments Co. now owns 20,329 shares of the bank’s stock valued at $984,000 after purchasing an additional 698 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Chemical Financial by 12.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 335,680 shares of the bank’s stock valued at $16,251,000 after buying an additional 37,932 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Chemical Financial by 7.1% in the second quarter. SG Americas Securities LLC now owns 22,423 shares of the bank’s stock valued at $1,085,000 after buying an additional 1,496 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Chemical Financial by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 870,782 shares of the bank’s stock valued at $42,153,000 after buying an additional 13,044 shares in the last quarter. Institutional investors own 78.42% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Chemical Financial (CHFC) Rating Increased to Buy at Zacks Investment Research” was first posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this story on another publication, it was copied illegally and reposted in violation of international trademark & copyright law. The legal version of this story can be accessed at https://theolympiareport.com/2017/12/28/chemical-financial-chfc-rating-increased-to-buy-at-zacks-investment-research.html.
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.
Receive News & Ratings for Chemical Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemical Financial and related companies with Analyst Ratings Network's FREE daily email newsletter.