Virginia Retirement Systems ET AL boosted its position in Chemical Financial Co. (NASDAQ:CHFC) by 6.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,200 shares of the bank’s stock after purchasing an additional 1,300 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Chemical Financial were worth $872,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Chemical Financial during the 4th quarter valued at $24,443,000. BlackRock Inc. lifted its position in shares of Chemical Financial by 6.7% during the 1st quarter. BlackRock Inc. now owns 9,048,051 shares of the bank’s stock valued at $372,419,000 after acquiring an additional 567,904 shares during the period. Alpine Associates Management Inc. bought a new stake in shares of Chemical Financial during the 1st quarter valued at $15,122,000. ClariVest Asset Management LLC bought a new stake in shares of Chemical Financial during the 1st quarter valued at $9,635,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Chemical Financial by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,189,834 shares of the bank’s stock valued at $116,781,000 after acquiring an additional 185,916 shares during the period. Institutional investors and hedge funds own 86.66% of the company’s stock.
A number of research firms have recently weighed in on CHFC. Piper Jaffray Companies set a $53.00 target price on Chemical Financial and gave the company a “buy” rating in a research report on Wednesday, May 8th. BidaskClub upgraded Chemical Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Raymond James set a $55.00 price objective on Chemical Financial and gave the stock a “buy” rating in a research report on Friday, July 26th. Zacks Investment Research upgraded Chemical Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, ValuEngine downgraded Chemical Financial from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $52.71.
Shares of CHFC stock traded down $1.02 on Tuesday, hitting $37.90. The company had a trading volume of 493,900 shares, compared to its average volume of 564,064. Chemical Financial Co. has a twelve month low of $34.62 and a twelve month high of $59.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The company’s 50-day moving average price is $41.15. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 9.62, a P/E/G ratio of 1.19 and a beta of 1.48.
Chemical Financial (NASDAQ:CHFC) last announced its earnings results on Wednesday, July 24th. The bank reported $1.06 EPS for the quarter, beating the consensus estimate of $1.01 by $0.05. Chemical Financial had a return on equity of 10.21% and a net margin of 28.25%. The company had revenue of $203.33 million for the quarter, compared to analyst estimates of $204.83 million. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, analysts expect that Chemical Financial Co. will post 4.13 EPS for the current fiscal year.
In other Chemical Financial news, VP Dennis L. Klaeser bought 10,018 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average price of $39.15 per share, for a total transaction of $392,204.70. Following the transaction, the vice president now directly owns 59,431 shares in the company, valued at $2,326,723.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David T. Provost bought 10,100 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of $39.19 per share, for a total transaction of $395,819.00. Following the transaction, the chief executive officer now owns 104,494 shares in the company, valued at $4,095,119.86. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 26,498 shares of company stock worth $1,037,609. 1.00% of the stock is owned by corporate insiders.
Chemical Financial Company Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers a range of 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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