Teacher Retirement System of Texas increased its position in shares of Chemical Financial Corp. (NASDAQ:CHFC) by 8.5% during the second quarter, Holdings Channel reports. The institutional investor owned 8,276 shares of the company’s stock after buying an additional 645 shares during the period. Teacher Retirement System of Texas’ holdings in Chemical Financial Corp. were worth $309,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Franklin Resources Inc. boosted its position in shares of Chemical Financial Corp. by 0.4% in the first quarter. Franklin Resources Inc. now owns 1,582,221 shares of the company’s stock worth $56,469,000 after buying an additional 6,600 shares during the period. Schroder Investment Management Group boosted its position in shares of Chemical Financial Corp. by 17.7% in the second quarter. Schroder Investment Management Group now owns 1,231,500 shares of the company’s stock worth $45,923,000 after buying an additional 184,800 shares during the period. Royal Bank of Canada boosted its position in shares of Chemical Financial Corp. by 9.7% in the first quarter. Royal Bank of Canada now owns 934,434 shares of the company’s stock worth $33,351,000 after buying an additional 82,858 shares during the period. Artemis Investment Management LLP boosted its position in shares of Chemical Financial Corp. by 232.5% in the second quarter. Artemis Investment Management LLP now owns 749,700 shares of the company’s stock worth $27,953,000 after buying an additional 524,250 shares during the period. Finally, Glenmede Trust Co. NA boosted its position in shares of Chemical Financial Corp. by 5.6% in the second quarter. Glenmede Trust Co. NA now owns 599,414 shares of the company’s stock worth $22,351,000 after buying an additional 31,632 shares during the period. Institutional investors and hedge funds own 71.10% of the company’s stock.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) opened at 43.62 on Friday. The stock’s 50 day moving average is $44.59 and its 200 day moving average is $40.38. Chemical Financial Corp. has a 12 month low of $29.40 and a 12 month high of $47.62. The stock has a market cap of $1.67 billion, a P/E ratio of 16.99 and a beta of 1.34.
Chemical Financial Corp. (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a net margin of 24.58% and a return on equity of 10.21%. Analysts predict that Chemical Financial Corp. will post $2.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were issued a $0.27 dividend. This is a positive change from Chemical Financial Corp.’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, August 26th. This represents a $1.08 annualized dividend and a yield of 2.49%. Chemical Financial Corp.’s dividend payout ratio (DPR) is presently 42.02%.
A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Zacks Investment Research upgraded shares of Chemical Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Thursday, July 28th. Finally, Stephens began coverage on shares of Chemical Financial Corp. in a report on Friday, September 2nd. They set an “equal weight” rating for the company. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Chemical Financial Corp. currently has an average rating of “Buy” and a consensus price target of $42.50.
In related news, Director Richard M. Lievense sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $44.03, for a total value of $198,135.00. Following the transaction, the director now owns 60,097 shares in the company, valued at $2,646,070.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David T. Provost sold 279,101 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $45.24, for a total transaction of $12,626,529.24. Following the completion of the transaction, the director now owns 324,610 shares in the company, valued at approximately $14,685,356.40. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Chemical Financial Corp. 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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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