New York State Common Retirement Fund lifted its position in shares of Chemical Financial Co. (NASDAQ:CHFC) by 10.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 194,115 shares of the bank’s stock after buying an additional 17,955 shares during the quarter. New York State Common Retirement Fund owned approximately 0.27% of Chemical Financial worth $10,144,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sei Investments Co. grew its holdings in Chemical Financial by 10.6% during the 3rd quarter. Sei Investments Co. now owns 22,483 shares of the bank’s stock valued at $1,175,000 after purchasing an additional 2,154 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Chemical Financial by 2.9% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 36,680 shares of the bank’s stock valued at $1,917,000 after buying an additional 1,050 shares during the period. FDx Advisors Inc. purchased a new stake in shares of Chemical Financial in the 3rd quarter worth approximately $313,000. Principal Financial Group Inc. lifted its position in shares of Chemical Financial by 0.4% in the 3rd quarter. Principal Financial Group Inc. now owns 300,718 shares of the bank’s stock worth $15,715,000 after purchasing an additional 1,201 shares during the period. Finally, Prudential Financial Inc. lifted its position in shares of Chemical Financial by 64.3% in the 3rd quarter. Prudential Financial Inc. now owns 187,667 shares of the bank’s stock worth $9,807,000 after purchasing an additional 73,470 shares during the period. Institutional investors own 78.42% of the company’s stock.
Shares of Chemical Financial Co. (NASDAQ CHFC) traded up $0.38 on Friday, hitting $56.28. 286,481 shares of the company’s stock were exchanged, compared to its average volume of 343,367. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. Chemical Financial Co. has a 1-year low of $43.61 and a 1-year high of $58.17. The firm has a market capitalization of $3,860.00, a PE ratio of 21.40, a PEG ratio of 1.62 and a beta of 1.15.
Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Chemical Financial had a net margin of 24.23% and a return on equity of 8.05%. The business had revenue of $175.75 million during the quarter, compared to analyst estimates of $182.78 million. During the same quarter last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 41.1% compared to the same quarter last year. equities analysts forecast that Chemical Financial Co. will post 2.99 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $1.12 dividend on an annualized basis and a yield of 1.99%. Chemical Financial’s dividend payout ratio is currently 42.59%.
A number of brokerages have issued reports on CHFC. Zacks Investment Research upgraded shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, October 10th. Piper Jaffray Companies reiterated a “buy” rating and issued a $55.00 price objective on shares of Chemical Financial in a research note on Friday, October 27th. BidaskClub lowered shares of Chemical Financial from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. ValuEngine raised shares of Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Keefe, Bruyette & Woods downgraded shares of Chemical Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, October 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $55.57.
In other news, Director Ronald A. Klein sold 2,619 shares of Chemical Financial stock in a transaction on Monday, December 4th. The shares were sold at an average price of $56.75, for a total value of $148,628.25. Following the transaction, the director now directly owns 9,139 shares of the company’s stock, valued at approximately $518,638.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Larry D. Stauffer sold 1,900 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $53.19, for a total transaction of $101,061.00. Following the completion of the transaction, the director now directly owns 15,853 shares in the company, valued at $843,221.07. The disclosure for this sale can be found here. Insiders have sold a total of 13,619 shares of company stock valued at $755,964 in the last 90 days. Insiders own 2.20% of the company’s stock.
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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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