BlackRock Inc. increased its position in Chemical Financial Co. (NASDAQ:CHFC) by 6.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,048,051 shares of the bank’s stock after purchasing an additional 567,904 shares during the quarter. BlackRock Inc. owned 0.13% of Chemical Financial worth $372,419,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Chemical Financial during the 1st quarter worth $33,000. Resources Investment Advisors Inc. acquired a new stake in shares of Chemical Financial during the 4th quarter worth $31,000. Doyle Wealth Management acquired a new stake in shares of Chemical Financial during the 4th quarter worth $32,000. JOYN Advisors Inc. grew its holdings in shares of Chemical Financial by 85.2% during the 4th quarter. JOYN Advisors Inc. now owns 941 shares of the bank’s stock worth $34,000 after purchasing an additional 433 shares in the last quarter. Finally, Toronto Dominion Bank acquired a new stake in shares of Chemical Financial during the 4th quarter worth $37,000. Institutional investors and hedge funds own 86.70% of the company’s stock.
Several analysts have recently issued reports on CHFC shares. BidaskClub lowered Chemical Financial from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. ValuEngine lowered Chemical Financial from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 12th. FIG Partners raised Chemical Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday, March 26th. Zacks Investment Research raised Chemical Financial from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Friday, March 29th. Finally, Piper Jaffray Companies set a $53.00 price objective on Chemical Financial and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.71.
Chemical Financial (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.03. Chemical Financial had a return on equity of 10.14% and a net margin of 29.14%. The firm had revenue of $187.68 million for the quarter, compared to analyst estimates of $202.40 million. During the same period last year, the firm posted $0.97 earnings per share. Equities analysts predict that Chemical Financial Co. will post 4.15 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Thursday, June 6th. Chemical Financial’s payout ratio is 34.52%.
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About Chemical Financial
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers a range of banking and fiduciary products and services to residents and business customers. It offers 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, debit cards, safe deposit box, money transfer, automated teller machines, insurance and investment products, corporate and personal wealth management, and mortgage banking and other banking services.
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