Victory Capital Management Inc. cut its stake in shares of Chemical Financial Co. (NASDAQ:CHFC) by 69.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 191,680 shares of the bank’s stock after selling 426,941 shares during the period. Victory Capital Management Inc.’s holdings in Chemical Financial were worth $7,890,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its position in shares of Chemical Financial by 1.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 28,465 shares of the bank’s stock worth $1,042,000 after buying an additional 298 shares in the last quarter. Retirement Systems of Alabama grew its position in shares of Chemical Financial by 0.4% during the first quarter. Retirement Systems of Alabama now owns 93,048 shares of the bank’s stock worth $3,830,000 after buying an additional 415 shares in the last quarter. Cambiar Investors LLC grew its position in shares of Chemical Financial by 0.4% during the fourth quarter. Cambiar Investors LLC now owns 94,619 shares of the bank’s stock worth $3,464,000 after buying an additional 423 shares in the last quarter. JOYN Advisors Inc. grew its position in shares of Chemical Financial by 85.2% during the fourth quarter. JOYN Advisors Inc. now owns 941 shares of the bank’s stock worth $34,000 after buying an additional 433 shares in the last quarter. Finally, Huntington National Bank grew its position in shares of Chemical Financial by 23.9% during the fourth quarter. Huntington National Bank now owns 2,490 shares of the bank’s stock worth $91,000 after buying an additional 480 shares in the last quarter. 84.03% of the stock is owned by institutional investors and hedge funds.

CHFC traded down $0.63 on Thursday, reaching $40.14. The company’s stock had a trading volume of 9,483 shares, compared to its average volume of 476,940. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. Chemical Financial Co. has a fifty-two week low of $34.62 and a fifty-two week high of $59.46.

Chemical Financial (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.03. The firm had revenue of $187.68 million during the quarter, compared to the consensus estimate of $202.40 million. Chemical Financial had a return on equity of 10.14% and a net margin of 29.14%. During the same period in the prior year, the company posted $0.97 earnings per share. On average, equities analysts anticipate that Chemical Financial Co. will post 4.15 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, June 7th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Thursday, June 6th. Chemical Financial’s dividend payout ratio (DPR) is 34.52%.

A number of equities analysts have recently commented on CHFC shares. Sandler O’Neill raised Chemical Financial from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Friday, February 8th. Raymond James set a $55.00 price objective on Chemical Financial and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Zacks Investment Research raised Chemical Financial from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Friday, March 29th. Piper Jaffray Companies set a $53.00 price objective on Chemical Financial and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, FIG Partners raised Chemical Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Chemical Financial presently has an average rating of “Hold” and an average target price of $52.71.

ILLEGAL ACTIVITY NOTICE: “Victory Capital Management Inc. Has $7.89 Million Stake in Chemical Financial Co. (CHFC)” was first reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this piece of content on another site, it was illegally stolen and reposted in violation of United States & international trademark & copyright legislation. The original version of this piece of content can be read at https://theolympiareport.com/2019/05/23/victory-capital-management-inc-has-7-89-million-stake-in-chemical-financial-co-chfc.html.

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.

Read More: Diversification Important in Investing

Want to see what other hedge funds are holding CHFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chemical Financial Co. (NASDAQ:CHFC).

Institutional Ownership by Quarter for Chemical Financial (NASDAQ:CHFC)

Receive News & Ratings for Chemical Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemical Financial and related companies with MarketBeat.com's FREE daily email newsletter.