Xact Kapitalforvaltning AB acquired a new position in shares of Chemical Bank (NASDAQ:CHFC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,495 shares of the bank’s stock, valued at approximately $347,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its stake in Chemical Bank by 46.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 10,069 shares of the bank’s stock worth $538,000 after buying an additional 3,209 shares during the last quarter. Phocas Financial Corp. acquired a new position in Chemical Bank during the fourth quarter worth $4,706,000. MetLife Investment Advisors LLC acquired a new position in Chemical Bank during the fourth quarter worth $4,178,000. Verition Fund Management LLC acquired a new position in Chemical Bank during the fourth quarter worth $395,000. Finally, Zeke Capital Advisors LLC acquired a new position in Chemical Bank during the fourth quarter worth $236,000. 80.05% of the stock is currently owned by institutional investors.
NASDAQ:CHFC opened at $54.23 on Monday. Chemical Bank has a 52 week low of $43.61 and a 52 week high of $59.83. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $3,866.76, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 1.54 and a beta of 1.19.
Chemical Bank (NASDAQ:CHFC) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.05. Chemical Bank had a return on equity of 8.46% and a net margin of 19.26%. The company had revenue of $178.22 million for the quarter, compared to the consensus estimate of $183.89 million. research analysts predict that Chemical Bank will post 3.91 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Friday, March 2nd were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $1.12 dividend on an annualized basis and a yield of 2.07%. Chemical Bank’s dividend payout ratio is currently 36.60%.
A number of equities analysts have weighed in on CHFC shares. BidaskClub lowered Chemical Bank from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research upgraded Chemical Bank from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Tuesday, December 26th. Boenning Scattergood set a $43.00 target price on Chemical Bank and gave the company a “sell” rating in a research report on Tuesday, January 2nd. Piper Jaffray restated a “buy” rating and issued a $62.00 target price on shares of Chemical Bank in a research report on Tuesday, January 9th. Finally, ValuEngine downgraded Chemical Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.57.
In other Chemical Bank news, VP Dennis L. Klaeser sold 53,536 shares of Chemical Bank stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $58.48, for a total value of $3,130,785.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Lori A. Gwizdala sold 5,594 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $59.27, for a total value of $331,556.38. The disclosure for this sale can be found here. Insiders sold 67,236 shares of company stock worth $3,933,758 in the last 90 days. Company insiders own 1.40% of the company’s stock.
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Chemical Bank Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers banking and fiduciary products and services to residents and business customers. It offers 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, safe deposit box, money transfer, automated teller machines, insurance and investment products, corporate and personal wealth management, and mortgage banking and other banking services.
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