Chemical Financial (CHFC) Raised to Strong-Buy at BidaskClub
Chemical Financial (NASDAQ:CHFC) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.
Several other equities research analysts have also recently commented on CHFC. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $54.00 price target on shares of Chemical Financial in a research report on Thursday, August 10th. ValuEngine upgraded Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research cut Chemical Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Boenning Scattergood cut 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. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $55.00 target price on shares of Chemical Financial in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $54.07.
Shares of Chemical Financial (NASDAQ:CHFC) opened at $55.82 on Wednesday. The firm has a market cap of $3,970.00, a PE ratio of 19.14, a P/E/G ratio of 2.10 and a beta of 1.14. Chemical Financial has a 1-year low of $43.61 and a 1-year high of $58.17. 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 (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, topping the consensus estimate of $0.77 by $0.02. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. The firm had revenue of $175.75 million for the quarter, compared to analysts’ expectations of $182.78 million. During the same period in the previous year, the business earned $0.75 earnings per share. Chemical Financial’s revenue for the quarter was up 41.1% compared to the same quarter last year. analysts forecast that Chemical Financial will post 2.99 EPS for the current fiscal year.
In other news, Director Larry D. Stauffer sold 1,900 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $53.19, for a total transaction of $101,061.00. Following the completion of the transaction, the director now directly owns 15,853 shares in the company, valued at $843,221.07. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ronald A. Klein sold 2,619 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $56.75, for a total value of $148,628.25. Following the transaction, the director now owns 9,139 shares of the company’s stock, valued at $518,638.25. The disclosure for this sale can be found here. Insiders have sold 13,619 shares of company stock valued at $755,964 in the last ninety days. Company insiders own 2.20% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Optimum Investment Advisors acquired a new position in shares of Chemical Financial during the third quarter worth approximately $246,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Chemical Financial by 18.6% during the third quarter. Public Employees Retirement System of Ohio now owns 46,799 shares of the bank’s stock worth $2,446,000 after buying an additional 7,329 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Chemical Financial by 1.0% during the third quarter. Sterling Capital Management LLC now owns 481,537 shares of the bank’s stock worth $25,165,000 after buying an additional 4,836 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Chemical Financial by 5.6% during the third quarter. California Public Employees Retirement System now owns 160,774 shares of the bank’s stock worth $8,402,000 after buying an additional 8,474 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Chemical Financial by 113.4% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,607 shares of the bank’s stock worth $240,000 after buying an additional 2,448 shares during the last quarter. Institutional investors own 78.44% of the company’s stock.
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Chemical Financial 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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