ProShare Advisors LLC reduced its stake in Chemical Financial Co. (NASDAQ:CHFC) by 20.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,043 shares of the bank’s stock after selling 3,751 shares during the period. ProShare Advisors LLC’s holdings in Chemical Financial were worth $769,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Capital World Investors bought a new stake in Chemical Financial during the third quarter valued at $58,801,000. The Manufacturers Life Insurance Company bought a new stake in Chemical Financial during the third quarter valued at $47,228,000. Norges Bank bought a new stake in Chemical Financial during the fourth quarter valued at $38,140,000. State Street Corp increased its stake in Chemical Financial by 16.0% in the fourth quarter. State Street Corp now owns 2,604,530 shares of the bank’s stock valued at $141,088,000 after buying an additional 359,578 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Chemical Financial by 184.3% in the third quarter. Principal Financial Group Inc. now owns 453,320 shares of the bank’s stock valued at $20,006,000 after buying an additional 293,858 shares during the last quarter. 74.36% of the stock is owned by institutional investors.
Chemical Financial Co. (NASDAQ:CHFC) traded up 2.39% during trading on Thursday, reaching $47.21. 345,794 shares of the company traded hands. The company has a market cap of $3.36 billion, a PE ratio of 20.70 and a beta of 1.11. The company’s 50-day moving average is $47.36 and its 200 day moving average is $50.69. Chemical Financial Co. has a 12 month low of $34.82 and a 12 month high of $55.55.
Chemical Financial (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, April 25th. The bank reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. Chemical Financial had a net margin of 28.32% and a return on equity of 7.33%. The firm had revenue of $168.11 million during the quarter, compared to analysts’ expectations of $173.51 million. On average, analysts anticipate that Chemical Financial Co. will post $3.01 earnings per share for the current year.
The business also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.08 dividend on an annualized basis and a yield of 2.29%. Chemical Financial’s dividend payout ratio (DPR) is 50.47%.
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Several research firms have recently commented on CHFC. Keefe, Bruyette & Woods set a $55.00 price target on shares of Chemical Financial and gave the company a “buy” rating in a report on Saturday, April 15th. Zacks Investment Research lowered shares of Chemical Financial from a “hold” rating to a “sell” rating in a report on Wednesday, March 29th. Finally, Hilliard Lyons raised shares of Chemical Financial to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Friday, April 28th.
In other Chemical Financial news, Director Richard M. Lievense sold 13,351 shares of Chemical Financial stock in a transaction on Friday, April 28th. The shares were sold at an average price of $47.87, for a total transaction of $639,112.37. Following the completion of the transaction, the director now directly owns 59,192 shares of the company’s stock, valued at $2,833,521.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.
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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