Chemical Financial Corp. (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $46.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.46% from the stock’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. “
A number of institutional investors have recently bought and sold shares of the stock. Artemis Investment Management LLP boosted its position in Chemical Financial Corp. by 232.5% in the second quarter. Artemis Investment Management LLP now owns 749,700 shares of the company’s stock worth $27,953,000 after buying an additional 524,250 shares during the last quarter. Renaissance Technologies LLC boosted its position in Chemical Financial Corp. by 156.7% in the first quarter. Renaissance Technologies LLC now owns 476,454 shares of the company’s stock worth $17,005,000 after buying an additional 290,854 shares during the last quarter. Norges Bank purchased a new position in Chemical Financial Corp. during the fourth quarter worth $8,837,000. Foundry Partners LLC purchased a new position in Chemical Financial Corp. during the second quarter worth $3,853,000. Finally, Ngam Advisors L.P. purchased a new position in Chemical Financial Corp. during the first quarter worth $3,626,000.
Chemical Financial Corp. (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. Equities research analysts forecast that Chemical Financial Corp. will post $2.70 EPS for the current year.
Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods increased their price target on Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday. Boenning Scattergood reiterated a “neutral” rating on shares of Chemical Financial Corp. in a report on Tuesday, June 7th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Chemical Financial Corp. currently has a consensus rating of “Buy” and a consensus price target of $42.50.
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.
