Prudential Financial Inc. lifted its stake in shares of Chemical Financial Co. (NASDAQ:CHFC) by 92.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 185,694 shares of the bank’s stock after acquiring an additional 88,957 shares during the period. Prudential Financial Inc. owned 0.26% of Chemical Financial worth $9,917,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Chemical Financial by 50.7% during the third quarter. JPMorgan Chase & Co. now owns 121,539 shares of the bank’s stock worth $6,490,000 after purchasing an additional 40,876 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its position in shares of Chemical Financial by 19.4% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 415,386 shares of the bank’s stock valued at $22,182,000 after acquiring an additional 67,586 shares during the period. SG Americas Securities LLC boosted its position in shares of Chemical Financial by 59.2% in the third quarter. SG Americas Securities LLC now owns 57,406 shares of the bank’s stock valued at $3,065,000 after acquiring an additional 21,341 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Chemical Financial in the third quarter valued at approximately $256,000. Finally, Monarch Partners Asset Management LLC boosted its position in shares of Chemical Financial by 1.6% in the third quarter. Monarch Partners Asset Management LLC now owns 323,989 shares of the bank’s stock valued at $17,301,000 after acquiring an additional 5,004 shares during the period. Institutional investors own 83.06% of the company’s stock.
A number of research firms have recently commented on CHFC. BidaskClub lowered shares of Chemical Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 30th. Zacks Investment Research upgraded shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday, September 25th. ValuEngine lowered shares of Chemical Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Boenning Scattergood upgraded shares of Chemical Financial from an “under perform” rating to a “neutral” rating in a research report on Thursday, October 25th. Finally, Raymond James restated a “buy” rating and issued a $53.00 price objective on shares of Chemical Financial in a research report on Thursday, October 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $59.00.
Shares of CHFC opened at $44.37 on Wednesday. The company has a market capitalization of $3.37 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.33 and a beta of 1.12. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Chemical Financial Co. has a 1-year low of $41.97 and a 1-year high of $59.83.
Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.01). The business had revenue of $197.40 million for the quarter, compared to analysts’ expectations of $200.16 million. Chemical Financial had a return on equity of 9.98% and a net margin of 24.78%. During the same period last year, the business posted $0.79 earnings per share. On average, analysts anticipate that Chemical Financial Co. will post 3.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Thursday, December 6th. Chemical Financial’s dividend payout ratio (DPR) is presently 44.44%.
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Chemical Financial 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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