Axa Has $4.42 Million Position in Chemical Financial Corporation (CHFC)
Axa reduced its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 34.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 91,200 shares of the bank’s stock after selling 48,800 shares during the quarter. Axa owned approximately 0.13% of Chemical Financial Corporation worth $4,415,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CHFC. Glen Harbor Capital Management LLC raised its position in Chemical Financial Corporation by 9.7% in the 1st quarter. Glen Harbor Capital Management LLC now owns 2,176 shares of the bank’s stock valued at $111,000 after buying an additional 192 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Chemical Financial Corporation 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 purchasing an additional 389 shares during the period. Huntington National Bank bought a new position in Chemical Financial Corporation in the 2nd quarter valued at $152,000. World Asset Management Inc grew its stake in Chemical Financial Corporation by 2.9% in the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock valued at $216,000 after purchasing an additional 128 shares during the period. Finally, KCG Holdings Inc. bought a new position in Chemical Financial Corporation in the 1st quarter valued at $235,000. 76.46% of the stock is owned by institutional investors and hedge funds.
In other news, Director Richard M. Lievense sold 14,659 shares of the business’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $48.20, for a total value of $706,563.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Larry D. Stauffer sold 2,110 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total value of $100,161.70. Following the completion of the transaction, the director now owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
CHFC has been the subject of a number of recent analyst reports. Stephens restated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. DA Davidson initiated coverage on Chemical Financial Corporation in a research note on Wednesday, July 5th. They issued a “buy” rating and a $58.00 price objective for the company. Keefe, Bruyette & Woods restated a “buy” rating and issued a $54.00 price objective on shares of Chemical Financial Corporation in a research note on Thursday, August 10th. ValuEngine downgraded Chemical Financial Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Zacks Investment Research upgraded Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One 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 currently has a consensus rating of “Hold” and a consensus target price of $56.17.
Chemical Financial Corporation (NASDAQ CHFC) opened at 48.61 on Monday. The company has a market cap of $3.46 billion, a P/E ratio of 20.37 and a beta of 1.14. The firm has a 50-day moving average price of $46.37 and a 200-day moving average price of $48.33. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. The firm had revenue of $179.52 million during the quarter, compared to analysts’ expectations of $178.21 million. Equities research analysts anticipate that Chemical Financial Corporation will post $2.99 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. This is a boost from Chemical Financial Corporation’s previous quarterly dividend of $0.27. Chemical Financial Corporation’s payout ratio is currently 49.34%.
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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