Chemical Bank (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $61.00 price objective on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.41% from the company’s current price.
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. “
CHFC has been the topic of a number of other research reports. ValuEngine upgraded shares of Chemical Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Hilliard Lyons upgraded shares of Chemical Bank from a “neutral” rating to a “buy” rating in a research note on Friday, January 26th. Boenning Scattergood set a $43.00 price target on shares of Chemical Bank and gave the stock a “sell” rating in a research note on Tuesday, January 2nd. BidaskClub upgraded shares of Chemical Bank from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 6th. Finally, DA Davidson upped their price target on shares of Chemical Bank to $70.00 and gave the stock an “average” rating in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $58.57.
Chemical Bank (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.05. The company had revenue of $178.22 million for the quarter, compared to analysts’ expectations of $183.89 million. Chemical Bank had a net margin of 19.26% and a return on equity of 8.46%. analysts expect that Chemical Bank will post 3.91 earnings per share for the current fiscal year.
In other Chemical Bank news, Director Richard M. Lievense sold 6,298 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $57.92, for a total value of $364,780.16. Following the completion of the transaction, the director now owns 28,669 shares of the company’s stock, valued at approximately $1,660,508.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Dennis L. Klaeser sold 53,536 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $58.48, for a total value of $3,130,785.28. The disclosure for this sale can be found here. In the last three months, insiders sold 67,236 shares of company stock valued at $3,933,758. 1.40% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Zions Bancorporation purchased a new position in Chemical Bank in the 3rd quarter worth about $121,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Chemical Bank by 57.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,785 shares of the bank’s stock worth $202,000 after buying an additional 1,380 shares during the last quarter. Zeke Capital Advisors LLC purchased a new position in Chemical Bank in the 4th quarter worth about $236,000. Quantitative Systematic Strategies LLC purchased a new position in Chemical Bank in the 4th quarter worth about $244,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in Chemical Bank by 113.4% in the 3rd 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. 80.05% of the stock is owned by institutional investors and hedge funds.
Chemical Bank Company Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers 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.
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