Bank of New York Mellon Corp boosted its holdings in Chemical Financial Co. (NASDAQ:CHFC) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 875,451 shares of the bank’s stock after acquiring an additional 3,410 shares during the quarter. Bank of New York Mellon Corp owned 1.23% of Chemical Financial worth $46,810,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sei Investments Co. grew its stake in Chemical Financial by 10.6% during the third quarter. Sei Investments Co. now owns 22,483 shares of the bank’s stock worth $1,175,000 after buying an additional 2,154 shares during the last quarter. Swiss National Bank grew its stake in Chemical Financial by 2.3% during the fourth quarter. Swiss National Bank now owns 121,103 shares of the bank’s stock worth $6,475,000 after buying an additional 2,700 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Chemical Financial by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,971,100 shares of the bank’s stock worth $155,269,000 after buying an additional 44,421 shares during the last quarter. Sterling Capital Management LLC grew its stake in Chemical Financial by 1.0% during the third quarter. Sterling Capital Management LLC now owns 481,537 shares of the bank’s stock worth $25,165,000 after buying an additional 4,836 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Chemical Financial by 15.4% during the third quarter. Legal & General Group Plc now owns 66,093 shares of the bank’s stock worth $3,456,000 after buying an additional 8,829 shares during the last quarter. 80.05% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Richard M. Lievense sold 6,298 shares of the stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $57.92, for a total value of $364,780.16. Following the transaction, the director now directly owns 28,669 shares in the company, valued at $1,660,508.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David T. Provost acquired 3,356 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was acquired at an average price of $58.50 per share, for a total transaction of $196,326.00. Following the completion of the acquisition, the chief executive officer now directly owns 96,296 shares of the company’s stock, valued at $5,633,316. The disclosure for this purchase can be found here. Insiders sold 67,236 shares of company stock worth $3,933,758 over the last 90 days. 1.40% of the stock is currently owned by company insiders.
Several analysts have weighed in on CHFC shares. BidaskClub cut shares of Chemical Financial from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. ValuEngine cut shares of Chemical Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, March 14th. Piper Jaffray reaffirmed a “buy” rating and set a $62.00 price objective on shares of Chemical Financial in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $63.00 price objective on shares of Chemical Financial in a research note on Tuesday, February 27th. Finally, Zacks Investment Research upgraded shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Tuesday, December 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.57.
Shares of CHFC stock traded down $0.78 during trading hours on Monday, reaching $53.90. 498,648 shares of the company were exchanged, compared to its average volume of 324,660. Chemical Financial Co. has a fifty-two week low of $43.61 and a fifty-two week high of $59.83. The firm has a market capitalization of $3,898.85, a price-to-earnings ratio of 17.61, a PEG ratio of 1.55 and a beta of 1.19. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14.
Chemical Financial (NASDAQ:CHFC) last announced its 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. equities research analysts forecast that Chemical Financial Co. will post 3.91 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 16th. Stockholders of record on Friday, March 2nd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.08%. Chemical Financial’s payout ratio is 36.60%.
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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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