Profund Advisors LLC cut its stake in Chemical Financial Co. (NASDAQ:CHFC) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,463 shares of the bank’s stock after selling 27 shares during the period. Profund Advisors LLC’s holdings in Chemical Financial were worth $637,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Chemical Financial by 153.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,722 shares of the bank’s stock valued at $139,000 after buying an additional 1,650 shares during the last quarter. Tyers Asset Management LLC purchased a new stake in shares of Chemical Financial during the fourth quarter valued at approximately $148,000. Creative Planning raised its stake in shares of Chemical Financial by 11.2% in the first quarter. Creative Planning now owns 3,043 shares of the bank’s stock valued at $156,000 after buying an additional 307 shares during the last quarter. Ancora Advisors LLC purchased a new stake in shares of Chemical Financial during the fourth quarter valued at approximately $187,000. Finally, Flinton Capital Management LLC purchased a new stake in shares of Chemical Financial during the fourth quarter valued at approximately $188,000. 74.36% of the stock is owned by institutional investors.
Chemical Financial Co. (NASDAQ CHFC) traded down 0.18% during mid-day trading on Friday, reaching $45.38. The company’s stock had a trading volume of 309,209 shares. The stock has a 50-day moving average price of $47.57 and a 200-day moving average price of $50.84. Chemical Financial Co. has a one year low of $34.82 and a one year high of $55.55. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 19.89 and a beta of 1.11.
Chemical Financial (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, April 25th. The bank reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.01. The company had revenue of $168.11 million for the quarter, compared to the consensus estimate of $173.51 million. Chemical Financial had a return on equity of 8.95% and a net margin of 20.09%. Equities research analysts forecast that Chemical Financial Co. will post $3.01 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, June 2nd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.38%. The ex-dividend date is Wednesday, May 31st. Chemical Financial’s dividend payout ratio is currently 50.47%.
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Several brokerages recently commented on CHFC. Keefe, Bruyette & Woods set a $55.00 price objective on Chemical Financial and gave the stock a “buy” rating in a report on Saturday, April 15th. Zacks Investment Research lowered Chemical Financial from a “hold” rating to a “sell” rating in a report on Wednesday, March 29th. Finally, Hilliard Lyons raised Chemical Financial to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $56.00.
In other Chemical Financial news, Director Richard M. Lievense sold 13,351 shares of the stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $47.87, for a total transaction of $639,112.37. Following the sale, the director now directly owns 59,192 shares of the company’s stock, valued at approximately $2,833,521.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently 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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