First Trust Advisors LP Sells 19,545 Shares of Chemical Financial Corporation (CHFC)
First Trust Advisors LP lowered its stake in shares of Chemical Financial Corporation (NASDAQ:CHFC) by 9.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 183,523 shares of the bank’s stock after selling 19,545 shares during the period. First Trust Advisors LP owned 0.26% of Chemical Financial Corporation worth $8,884,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock valued at $364,250,000 after buying an additional 7,082,293 shares during the period. State Street Corp boosted its stake in shares of Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock valued at $168,860,000 after buying an additional 696,794 shares during the period. Vanguard Group Inc. boosted its stake in shares of Chemical Financial Corporation by 6.6% in the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock valued at $307,620,000 after buying an additional 374,588 shares during the period. Cambiar Investors LLC bought a new stake in shares of Chemical Financial Corporation during the second quarter valued at about $15,377,000. Finally, Schroder Investment Management Group boosted its stake in shares of Chemical Financial Corporation by 31.2% in the first quarter. Schroder Investment Management Group now owns 1,269,113 shares of the bank’s stock valued at $66,032,000 after buying an additional 301,993 shares during the period. 79.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Chemical Financial Corporation (NASDAQ:CHFC) opened at 46.27 on Friday. The firm has a market cap of $3.29 billion, a PE ratio of 19.39 and a beta of 1.12. The stock has a 50 day moving average price of $47.57 and a 200-day moving average price of $48.94. Chemical Financial Corporation has a 52-week low of $40.93 and a 52-week high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $178.21 million. On average, equities analysts anticipate that Chemical Financial Corporation will post $2.96 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.28 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.42%. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. Chemical Financial Corporation’s payout ratio is presently 47.58%.
CHFC has been the topic of several recent research reports. BidaskClub cut Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. DA Davidson initiated coverage on Chemical Financial Corporation in a research report on Wednesday, July 5th. They issued a “buy” rating and a $58.00 price objective for the company. Stephens raised Chemical Financial Corporation from an “equal weight” rating to an “overweight” rating and set a $56.00 price objective for the company in a research report on Monday, July 10th. Zacks Investment Research raised Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, Piper Jaffray Companies initiated coverage on Chemical Financial Corporation in a research report on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.17.
In other news, Director Larry D. Stauffer sold 2,110 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the completion of the sale, the director now owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard M. Lievense sold 14,659 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $48.20, for a total transaction of $706,563.80. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
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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