Chemical Financial Corporation (NASDAQ:CHFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $59.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.40% 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. “

A number of other research analysts also recently weighed in on CHFC. BidaskClub upgraded shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. DA Davidson started coverage on shares of Chemical Financial Corporation in a research report on Wednesday, July 5th. They issued a “buy” rating and a $58.00 price objective for the company. Piper Jaffray Companies started coverage on shares of Chemical Financial Corporation in a research report on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price objective for the company. Stephens upgraded shares of Chemical Financial Corporation from an “equal weight” rating to an “overweight” rating and set a $56.00 price objective for the company in a research report on Monday, July 10th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $54.21.

Shares of Chemical Financial Corporation (CHFC) traded up 1.17% during midday trading on Tuesday, reaching $53.44. The company’s stock had a trading volume of 243,143 shares. The firm has a market capitalization of $3.80 billion, a P/E ratio of 22.40 and a beta of 1.15. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55. The stock has a 50-day moving average of $48.33 and a 200 day moving average of $48.09.

Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The business had revenue of $179.52 million during the quarter, compared to the consensus estimate of $178.21 million. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. Equities research analysts predict that Chemical Financial Corporation will post $2.97 EPS for the current fiscal year.

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In other news, Director Richard M. Lievense sold 14,659 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $48.20, for a total transaction of $706,563.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Larry D. Stauffer sold 2,110 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total transaction of $100,161.70. Following the sale, the director now directly owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Chemical Financial Corporation by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 870,782 shares of the bank’s stock worth $42,153,000 after purchasing an additional 13,044 shares in the last quarter. Strs Ohio increased its stake in shares of Chemical Financial Corporation by 6.0% during the second quarter. Strs Ohio now owns 8,900 shares of the bank’s stock worth $430,000 after purchasing an additional 500 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Chemical Financial Corporation by 141.7% during the second quarter. Prudential Financial Inc. now owns 114,197 shares of the bank’s stock worth $5,528,000 after purchasing an additional 66,940 shares in the last quarter. Chatham Capital Group Inc. increased its stake in shares of Chemical Financial Corporation by 8.2% during the second quarter. Chatham Capital Group Inc. now owns 30,815 shares of the bank’s stock worth $1,492,000 after purchasing an additional 2,335 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Chemical Financial Corporation by 26.8% during the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock worth $168,860,000 after purchasing an additional 696,794 shares in the last quarter. 76.46% of the stock is owned by institutional investors and hedge funds.

Chemical Financial Corporation 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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Analyst Recommendations for Chemical Financial Corporation (NASDAQ:CHFC)

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