First Trust Advisors LP lowered its position in Chemical Financial Corporation (NASDAQ:CHFC) by 24.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 139,047 shares of the bank’s stock after selling 44,476 shares during the period. First Trust Advisors LP owned about 0.20% of Chemical Financial Corporation worth $7,267,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Chemical Financial Corporation by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock worth $116,000 after purchasing an additional 389 shares in the last quarter. Huntington National Bank purchased a new stake in Chemical Financial Corporation in the 2nd quarter worth $152,000. PNC Financial Services Group Inc. lifted its stake in Chemical Financial Corporation by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock worth $177,000 after purchasing an additional 2,525 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Chemical Financial Corporation by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock worth $185,000 after purchasing an additional 1,427 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in Chemical Financial Corporation in the 2nd quarter worth $205,000. 78.52% of the stock is owned by institutional investors.
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CHFC has been the topic of several research analyst reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $55.00 price target on shares of Chemical Financial Corporation in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, October 10th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $54.00 price target on shares of Chemical Financial Corporation in a research note on Thursday, August 10th. Stephens reiterated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.07.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at $52.36 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3,680.86, a PE ratio of 17.53, a PEG ratio of 1.90 and a beta of 1.14. Chemical Financial Corporation has a 1 year low of $43.61 and a 1 year high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. The firm had revenue of $175.75 million for the quarter, compared to analysts’ expectations of $182.78 million. Chemical Financial Corporation had a net margin of 24.23% and a return on equity of 8.05%. The business’s revenue was up 41.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. sell-side analysts anticipate that Chemical Financial Corporation will post 3.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, November 30th. Chemical Financial Corporation’s dividend payout ratio is 42.75%.
In related news, insider Lori A. Gwizdala sold 2,800 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $54.50, for a total transaction of $152,600.00. Following the transaction, the insider now directly owns 49,574 shares in the company, valued at approximately $2,701,783. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Larry D. Stauffer sold 1,900 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $53.19, for a total transaction of $101,061.00. Following the transaction, the director now owns 15,853 shares in the company, valued at $843,221.07. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
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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