In a report released today, Scott Beury from Boenning & Scattergood upgraded Chemical Financial Corp (NASDAQ: CHFC) to Hold. The company’s shares closed yesterday at $43.60, close to its 52-week low of $43.44.
Beury noted:
“We are upgrading our rating on CHFC shares to Neutral following the outsized sell-off in the stock in reaction to 3Q18 earnings. We continue to believe Chemical’s healthy combination of consistent organic growth, disciplined expense control, and extensive M&A experience should aid in sustaining the company’s elite returns longer-term, but continue to expect near-term pressure related to the company’s funding profile and aggressive growth outlook.”
According to TipRanks.com, Beury is a 2-star analyst with an average return of 0.9% and a 48.5% success rate. Beury covers the Financial sector, focusing on stocks such as Farmers & Merchants Bancorp, Inc., Old National Bancorp Capital, and Independent Bank Corporation.
Chemical Financial Corp has an analyst consensus of Hold, with a price target consensus of $61.
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Chemical Financial Corp’s market cap is currently $3.11B and has a P/E ratio of 14.34. The company has a Price to Book ratio of 1.12.
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Chemical Financial Corp. is a diversified financial holding company, which operates through its subsidiary, Chemical Bank. The bank operates through an internal organizational structure of regional banking units, offering traditional banking, fiduciary products and services to the residents and business customers in its geographical market areas.
