State Board of Administration of Florida Retirement System Has $1,542,000 Holdings in Chemical Financial Corporation (CHFC)
State Board of Administration of Florida Retirement System continued to hold its position in shares of Chemical Financial Corporation (NASDAQ:CHFC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,846 shares of the bank’s stock at the end of the second quarter. State Board of Administration of Florida Retirement System’s holdings in Chemical Financial Corporation were worth $1,542,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Glen Harbor Capital Management LLC increased its position in shares of Chemical Financial Corporation by 9.7% in the first quarter. Glen Harbor Capital Management LLC now owns 2,176 shares of the bank’s stock worth $111,000 after purchasing an additional 192 shares during the period. Huntington National Bank bought a new position in shares of Chemical Financial Corporation in the second quarter worth $152,000. World Asset Management Inc increased its position in shares of Chemical Financial Corporation by 2.9% in the second quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock worth $216,000 after purchasing an additional 128 shares during the period. KCG Holdings Inc. bought a new position in shares of Chemical Financial Corporation in the first quarter worth $235,000. Finally, Neuburgh Advisers LLC increased its position in shares of Chemical Financial Corporation by 9.7% in the first quarter. Neuburgh Advisers LLC now owns 4,624 shares of the bank’s stock worth $236,000 after purchasing an additional 408 shares during the period. Hedge funds and other institutional investors own 76.46% of the company’s stock.
In other news, Director Richard M. Lievense sold 14,659 shares of the stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $48.20, for a total transaction of $706,563.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Larry D. Stauffer sold 2,110 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the transaction, the director now owns 13,246 shares in the company, valued at $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Shares of Chemical Financial Corporation (CHFC) opened at 48.61 on Friday. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The stock’s 50 day moving average price is $46.37 and its 200-day moving average price is $48.33. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 20.37 and a beta of 1.14.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. The firm had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. Equities analysts predict that Chemical Financial Corporation will post $2.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Chemical Financial Corporation’s dividend payout ratio is 49.34%.
A number of research analysts recently commented on the company. BidaskClub upgraded Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. ValuEngine lowered Chemical Financial Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Chemical Financial Corporation in a research note on Thursday, August 10th. Stephens reaffirmed a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $56.17.
About Chemical Financial Corporation
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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