Franklin Resources Inc. raised its stake in Chemical Financial Co. (NASDAQ:CHFC) by 5.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,686,176 shares of the bank’s stock after purchasing an additional 146,917 shares during the quarter. Franklin Resources Inc.’s holdings in Chemical Financial were worth $143,630,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Aperio Group LLC lifted its position in Chemical Financial by 5.4% in the fourth quarter. Aperio Group LLC now owns 19,031 shares of the bank’s stock valued at $1,018,000 after buying an additional 983 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in Chemical Financial by 2.9% in the third 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 last quarter. Pacer Advisors Inc. increased its stake in Chemical Financial by 11.6% during the third quarter. Pacer Advisors Inc. now owns 10,404 shares of the bank’s stock worth $544,000 after purchasing an additional 1,078 shares during the period. Suntrust Banks Inc. increased its stake in Chemical Financial by 11.4% during the fourth quarter. Suntrust Banks Inc. now owns 11,208 shares of the bank’s stock worth $597,000 after purchasing an additional 1,146 shares during the period. Finally, Salzhauer Michael increased its stake in Chemical Financial by 11.9% during the third quarter. Salzhauer Michael now owns 11,050 shares of the bank’s stock worth $577,000 after purchasing an additional 1,172 shares during the period. 80.08% of the stock is currently owned by institutional investors.
Shares of Chemical Financial Co. (NASDAQ:CHFC) opened at $58.49 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $4,189.04, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22. Chemical Financial Co. has a one year low of $43.61 and a one year high of $59.83.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.05. Chemical Financial had a net margin of 19.26% and a return on equity of 8.46%. The company had revenue of $178.22 million for the quarter, compared to analyst estimates of $183.89 million. sell-side analysts anticipate that Chemical Financial Co. will post 3.91 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.91%. Chemical Financial’s payout ratio is 53.59%.
In related news, Director Richard M. Lievense sold 6,298 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $57.92, for a total transaction of $364,780.16. Following the sale, the director now directly owns 28,669 shares in the company, valued at $1,660,508.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dennis L. Klaeser sold 53,536 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $58.48, for a total transaction of $3,130,785.28. The disclosure for this sale can be found here. Insiders have sold 67,236 shares of company stock worth $3,933,758 over the last 90 days. Insiders own 2.20% of the company’s stock.
A number of analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Tuesday, December 26th. Hilliard Lyons upgraded shares of Chemical Financial from a “neutral” rating to a “buy” rating in a research note on Friday, January 26th. DA Davidson boosted their price target on shares of Chemical Financial to $70.00 and gave the stock an “average” rating in a research note on Thursday, January 25th. ValuEngine upgraded shares of Chemical Financial from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $63.00 price target on shares of Chemical Financial in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $58.57.
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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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