Great West Life Assurance Co. Can increased its position in Chemical Financial Co. (NASDAQ:CHFC) by 4.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,435 shares of the bank’s stock after buying an additional 1,843 shares during the period. Great West Life Assurance Co. Can owned approximately 0.06% of Chemical Financial worth $2,271,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Comerica Bank boosted its stake in Chemical Financial by 5.8% in the fourth quarter. Comerica Bank now owns 63,043 shares of the bank’s stock worth $3,331,000 after buying an additional 3,467 shares in the last quarter. Ancora Advisors LLC bought a new stake in Chemical Financial during the fourth quarter worth approximately $187,000. Russell Investments Group Ltd. bought a new stake in Chemical Financial during the fourth quarter worth approximately $3,790,000. HBK Investments L P bought a new stake in Chemical Financial during the third quarter worth approximately $304,000. Finally, Retirement Systems of Alabama boosted its stake in Chemical Financial by 0.7% in the first quarter. Retirement Systems of Alabama now owns 91,749 shares of the bank’s stock worth $4,693,000 after buying an additional 648 shares in the last quarter. 74.36% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Chemical Financial Co. (NASDAQ CHFC) traded up 5.06% on Friday, hitting $49.60. The stock had a trading volume of 636,250 shares. The company’s 50 day moving average price is $47.35 and its 200-day moving average price is $50.65. Chemical Financial Co. has a 12 month low of $34.82 and a 12 month high of $55.55. The company has a market cap of $3.53 billion, a P/E ratio of 21.74 and a beta of 1.11.
Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.01. Chemical Financial had a return on equity of 7.33% and a net margin of 28.32%. The company had revenue of $168.11 million for the quarter, compared to analysts’ expectations of $173.51 million. On average, analysts expect that Chemical Financial Co. will post $3.01 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, June 2nd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Wednesday, May 31st. Chemical Financial’s dividend payout ratio is presently 50.47%.
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A number of equities research analysts have recently commented on CHFC shares. Zacks Investment Research cut Chemical Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, March 29th. Hilliard Lyons raised Chemical Financial to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a report on Friday, April 28th. Finally, Keefe, Bruyette & Woods set a $55.00 price target on Chemical Financial and gave the company a “buy” rating in a report on Saturday, April 15th.
In other Chemical Financial news, Director Richard M. Lievense sold 13,351 shares of the firm’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $47.87, for a total value of $639,112.37. Following the sale, the director now directly owns 59,192 shares in the company, valued at $2,833,521.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by company insiders.
About Chemical Financial
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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