Today, Chemical Financial Corp. (CHFC) Rating Increased to Buy at The Zacks Investment Research

Today, Chemical Financial Corp. (CHFC) Rating Increased to Buy at The Zacks Investment Research

Chemical Financial Corp. (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $58.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 9.95% 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 several other research reports. Stephens began coverage on shares of Chemical Financial Corp. in a report on Friday, September 2nd. They issued an “equal weight” rating on the stock. Keefe, Bruyette & Woods raised their price target on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $45.50.

Shares of Chemical Financial Corp. (NASDAQ:CHFC) opened at 52.75 on Wednesday. The firm has a 50 day moving average of $45.58 and a 200 day moving average of $42.22. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 25.72 and a beta of 1.04. Chemical Financial Corp. has a 52 week low of $29.40 and a 52 week high of $53.03.

Chemical Financial Corp. (NASDAQ:CHFC) last announced its earnings results on Tuesday, October 25th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.69 by $0.03. Chemical Financial Corp. had a net margin of 19.60% and a return on equity of 8.15%. Equities analysts predict that Chemical Financial Corp. will post $2.79 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, November 30th. This represents a $1.08 annualized dividend and a dividend yield of 2.05%. Chemical Financial Corp.’s dividend payout ratio (DPR) is currently 50.47%.

In other news, insider Thomas W. Kohn sold 1,000 shares of Chemical Financial Corp. stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $46.75, for a total transaction of $46,750.00. Following the sale, the insider now directly owns 46,037 shares in the company, valued at approximately $2,152,229.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lori A. Gwizdala sold 500 shares of Chemical Financial Corp. stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $51.08, for a total transaction of $25,540.00. Following the sale, the insider now owns 48,395 shares in the company, valued at $2,472,016.60. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. BlackRock Fund Advisors raised its stake in shares of Chemical Financial Corp. by 288.1% in the third quarter. BlackRock Fund Advisors now owns 3,619,218 shares of the company’s stock valued at $159,716,000 after buying an additional 2,686,758 shares during the period. Vanguard Group Inc. raised its stake in shares of Chemical Financial Corp. by 4.4% in the second quarter. Vanguard Group Inc. now owns 2,828,988 shares of the company’s stock valued at $105,494,000 after buying an additional 120,238 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Chemical Financial Corp. by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,540,442 shares of the company’s stock valued at $94,732,000 after buying an additional 190,500 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Chemical Financial Corp. by 93.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,122,137 shares of the company’s stock valued at $93,650,000 after buying an additional 1,022,308 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Chemical Financial Corp. by 19.1% in the second quarter. Franklin Resources Inc. now owns 1,884,651 shares of the company’s stock valued at $70,279,000 after buying an additional 302,430 shares during the period. Institutional investors and hedge funds own 55.49% of the company’s stock.

About Chemical Financial Corp.

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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.

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