Greenleaf Trust cut its stake in shares of Chemical Financial Corp. (NASDAQ:CHFC) by 4.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,689 shares of the company’s stock after selling 9,096 shares during the period. Greenleaf Trust’s holdings in Chemical Financial Corp. were worth $7,596,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CHFC. Norges Bank purchased a new position in Chemical Financial Corp. during the fourth quarter valued at about $8,837,000. Virginia Retirement System purchased a new stake in Chemical Financial Corp. during the first quarter worth $807,000. Ngam Advisors L.P. purchased a new stake in Chemical Financial Corp. during the first quarter worth $3,626,000. TIAA CREF Investment Management LLC increased its stake in Chemical Financial Corp. by 12.4% in the first quarter. TIAA CREF Investment Management LLC now owns 168,787 shares of the company’s stock worth $6,024,000 after buying an additional 18,584 shares in the last quarter. Finally, Teachers Advisors Inc. increased its stake in Chemical Financial Corp. by 3.1% in the first quarter. Teachers Advisors Inc. now owns 49,213 shares of the company’s stock worth $1,756,000 after buying an additional 1,500 shares in the last quarter. 71.10% of the stock is owned by institutional investors.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) traded up 2.72% during mid-day trading on Wednesday, hitting $44.97. 368,523 shares of the stock traded hands. The firm’s 50-day moving average is $44.72 and its 200-day moving average is $40.03. Chemical Financial Corp. has a 52 week low of $29.40 and a 52 week high of $47.62. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 17.52 and a beta of 1.34.
Chemical Financial Corp. (NASDAQ:CHFC) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a return on equity of 10.21% and a net margin of 24.58%. On average, analysts forecast that Chemical Financial Corp. will post $2.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were given a $0.27 dividend. This is an increase 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 dividend on an annualized basis and a yield of 2.47%. Chemical Financial Corp.’s payout ratio is presently 42.02%.
A number of research firms have weighed in on CHFC. Boenning Scattergood reissued a “neutral” rating on shares of Chemical Financial Corp. in a research report on Tuesday, June 7th. Zacks Investment Research downgraded shares of Chemical Financial Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, September 27th. Stephens began coverage on shares of Chemical Financial Corp. in a research report on Friday, September 2nd. They set an “equal weight” rating for the company. Finally, Keefe, Bruyette & Woods increased their target price on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $42.50.
In related news, VP Lori A. Gwizdala sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $44.55, for a total value of $35,640.00. Following the completion of the sale, the vice president now owns 59,111 shares in the company, valued at approximately $2,633,395.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas C. Shafer sold 34,456 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $45.24, for a total value of $1,558,789.44. Following the completion of the sale, the executive vice president now owns 61,234 shares of the company’s stock, valued at approximately $2,770,226.16. The disclosure for this sale can be found here. 2.20% of the stock is 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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