Royal Bank of Canada grew its holdings in Chemical Financial Corporation (NASDAQ:CHFC) by 5.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,459,240 shares of the bank’s stock after acquiring an additional 78,649 shares during the quarter. Royal Bank of Canada owned about 2.05% of Chemical Financial Corporation worth $70,642,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its position in shares of Chemical Financial Corporation by 0.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,846 shares of the bank’s stock worth $1,629,000 after acquiring an additional 130 shares in the last quarter. World Asset Management Inc lifted its stake in Chemical Financial Corporation by 3.0% during the first quarter. World Asset Management Inc now owns 4,340 shares of the bank’s stock worth $222,000 after purchasing an additional 127 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Chemical Financial Corporation by 27.0% during the first quarter. UBS Asset Management Americas Inc. now owns 42,768 shares of the bank’s stock worth $2,188,000 after purchasing an additional 9,082 shares during the last quarter. Karp Capital Management Corp purchased a new stake in Chemical Financial Corporation during the first quarter worth approximately $1,155,000. Finally, Sei Investments Co. lifted its stake in Chemical Financial Corporation by 52.6% during the first quarter. Sei Investments Co. now owns 19,631 shares of the bank’s stock worth $1,004,000 after purchasing an additional 6,763 shares during the last quarter. Institutional investors and hedge funds own 76.46% of the company’s stock.
Several brokerages have commented on CHFC. Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Stephens reaffirmed a “buy” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. BidaskClub upgraded shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Finally, Piper Jaffray Companies initiated coverage on shares of Chemical Financial Corporation in a research note on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $54.07.
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In related news, Director Larry D. Stauffer sold 2,110 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total transaction of $100,161.70. Following the completion of the transaction, the director now owns 13,246 shares in the company, valued at approximately $628,787.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard M. Lievense sold 14,659 shares of the business’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 disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Chemical Financial Corporation (NASDAQ:CHFC) traded down 0.68% on Wednesday, reaching $52.60. 42,818 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $47.60 and its 200 day moving average price is $48.03. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 22.05 and a beta of 1.15. Chemical Financial Corporation has a 1-year low of $40.93 and a 1-year high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping 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 firm had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. On average, analysts expect that Chemical Financial Corporation will post $2.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.28 dividend. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is presently 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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