Sterling Capital Management LLC raised its position in Chemical Financial Corporation (NASDAQ:CHFC) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 481,537 shares of the bank’s stock after purchasing an additional 4,836 shares during the quarter. Sterling Capital Management LLC owned 0.68% of Chemical Financial worth $25,165,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Chemical Financial by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock valued at $116,000 after acquiring an additional 389 shares in the last quarter. Zions Bancorporation bought a new position in shares of Chemical Financial in the 3rd quarter valued at about $121,000. PNC Financial Services Group Inc. grew its holdings in shares of Chemical Financial by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after acquiring an additional 2,525 shares in the last quarter. Riverhead Capital Management LLC grew its holdings in shares of Chemical Financial by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,427 shares in the last quarter. Finally, Stifel Financial Corp bought a new position in shares of Chemical Financial in the 2nd quarter valued at about $205,000. 78.44% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Gregory R. Bixby sold 3,500 shares of Chemical Financial stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $57.05, for a total transaction of $199,675.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald A. Klein sold 2,619 shares of Chemical Financial stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $56.75, for a total value of $148,628.25. Following the transaction, the director now owns 9,139 shares of the company’s stock, valued at approximately $518,638.25. The disclosure for this sale can be found here. Insiders have sold 13,619 shares of company stock valued at $755,964 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.
Chemical Financial Corporation (CHFC) opened at $53.97 on Thursday. Chemical Financial Corporation has a 1-year low of $43.61 and a 1-year high of $58.17. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3,875.15, a PE ratio of 18.46, a P/E/G ratio of 2.02 and a beta of 1.14.
Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. Chemical Financial had a return on equity of 8.05% and a net margin of 24.23%. The business had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. During the same quarter last year, the company posted $0.75 earnings per share. Chemical Financial’s quarterly revenue was up 41.1% on a year-over-year basis. analysts forecast that Chemical Financial Corporation will post 2.99 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, November 30th. Chemical Financial’s payout ratio is currently 42.75%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Chemical Financial from a “buy” rating to a “hold” rating in a report on Tuesday, November 21st. BidaskClub upgraded Chemical Financial from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 6th. Boenning Scattergood cut Chemical Financial from a “neutral” rating to an “under perform” rating and set a $41.50 price objective for the company. in a report on Tuesday, September 19th. ValuEngine upgraded Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $55.00 price objective on shares of Chemical Financial in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $54.07.
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Chemical Financial 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. These 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, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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