California Public Employees Retirement System Lowers Position in Chemical Financial Corporation (CHFC)
California Public Employees Retirement System lowered its stake in shares of Chemical Financial Corporation (NASDAQ:CHFC) by 3.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,300 shares of the bank’s stock after selling 6,193 shares during the quarter. California Public Employees Retirement System owned about 0.21% of Chemical Financial Corporation worth $7,373,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Chemical Financial Corporation by 2.9% during the second quarter. BlackRock Inc. now owns 7,327,868 shares of the bank’s stock worth $354,743,000 after buying an additional 206,663 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Chemical Financial Corporation by 1.8% during the second quarter. Vanguard Group Inc. now owns 6,121,518 shares of the bank’s stock worth $296,344,000 after buying an additional 107,446 shares during the last quarter. State Street Corp grew its holdings in shares of Chemical Financial Corporation by 26.8% during the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock worth $168,860,000 after buying an additional 696,794 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Chemical Financial Corporation by 3.3% during the second quarter. Northern Trust Corp now owns 1,861,262 shares of the bank’s stock worth $90,103,000 after buying an additional 60,176 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in shares of Chemical Financial Corporation by 15.8% during the first quarter. Westwood Holdings Group Inc. now owns 1,720,161 shares of the bank’s stock worth $87,986,000 after buying an additional 234,921 shares during the last quarter. 76.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at 53.22 on Friday. Chemical Financial Corporation has a one year low of $40.93 and a one year high of $55.55. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 22.31 and a beta of 1.15. The firm has a 50-day moving average price of $49.03 and a 200-day moving average price of $48.19.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. The company had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Analysts anticipate that Chemical Financial Corporation will post $2.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders 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 2.10%. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. Chemical Financial Corporation’s dividend payout ratio (DPR) is presently 49.34%.
A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Chemical Financial Corporation in a report on Thursday, August 10th. BidaskClub lowered Chemical Financial Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Zacks Investment Research raised Chemical Financial Corporation from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday. Stephens reaffirmed a “buy” rating on shares of Chemical Financial Corporation in a report on Wednesday, July 26th. Finally, ValuEngine lowered Chemical Financial Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $54.21.
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In other Chemical Financial Corporation news, Director Richard M. Lievense sold 14,659 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $48.20, for a total value of $706,563.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Larry D. Stauffer sold 2,110 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total transaction of $100,161.70. Following the completion of the sale, the director now owns 13,246 shares in the company, valued at approximately $628,787.62. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
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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