Dimensional Fund Advisors LP increased its holdings in shares of Chemical Financial Corporation (NASDAQ:CHFC) by 1.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,971,100 shares of the bank’s stock after purchasing an additional 44,421 shares during the period. Dimensional Fund Advisors LP owned approximately 4.17% of Chemical Financial worth $155,269,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Chemical Financial by 19.3% during 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 during the last quarter. PNC Financial Services Group Inc. raised its holdings in Chemical Financial by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after acquiring an additional 2,525 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in Chemical Financial by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,427 shares in the last quarter. Stifel Financial Corp acquired a new position in Chemical Financial in the 2nd quarter valued at approximately $205,000. Finally, World Asset Management Inc raised its holdings in Chemical Financial by 2.9% in the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock valued at $216,000 after acquiring an additional 128 shares in the last quarter. 78.44% of the stock is owned by institutional investors and hedge funds.
In other news, Director Ronald A. Klein sold 2,619 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $56.75, for a total value of $148,628.25. Following the completion of the transaction, the director now directly owns 9,139 shares of the company’s stock, valued at approximately $518,638.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Larry D. Stauffer sold 1,900 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $53.19, for a total value of $101,061.00. Following the completion of the transaction, the director now directly owns 15,853 shares of the company’s stock, valued at $843,221.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,619 shares of company stock valued at $755,964. 2.20% of the stock is currently owned by insiders.
Chemical Financial Corporation (CHFC) opened at $53.97 on Thursday. Chemical Financial Corporation has a twelve month low of $43.61 and a twelve month high of $58.17. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3,875.15, a P/E ratio of 18.46, a PEG ratio of 2.02 and a beta of 1.14.
Chemical Financial (NASDAQ:CHFC) last issued its earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.02. Chemical Financial had a return on equity of 8.05% and a net margin of 24.23%. The business had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. During the same period in the prior year, the firm posted $0.75 EPS. Chemical Financial’s quarterly revenue was up 41.1% compared to the same quarter last year. research analysts predict that Chemical Financial Corporation will post 2.99 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.08%. Chemical Financial’s payout ratio is presently 42.75%.
Several research firms have commented on CHFC. ValuEngine raised Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. BidaskClub raised Chemical Financial from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 6th. Keefe, Bruyette & Woods cut Chemical Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, October 26th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $55.00 price target on shares of Chemical Financial in a report on Friday, October 27th. Finally, Boenning Scattergood reaffirmed a “sell” rating on shares of Chemical Financial in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $54.07.
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Chemical Financial 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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