UBS Asset Management Americas Inc. boosted its stake in shares of Chemical Financial Corp. (NASDAQ:CHFC) by 328.3% during the second quarter, Holdings Channel reports. The institutional investor owned 99,177 shares of the company’s stock after buying an additional 76,019 shares during the period. UBS Asset Management Americas Inc. owned about 0.26% of Chemical Financial Corp. worth $3,699,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its position in Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock valued at $110,000 after buying an additional 2,251 shares during the period. FineMark National Bank & Trust raised its position in Chemical Financial Corp. by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,086 shares of the company’s stock valued at $115,000 after buying an additional 17 shares during the period. Bank of Montreal Can bought a new position in Chemical Financial Corp. during the second quarter valued at about $166,000. Huntington Asset Advisors Inc. bought a new position in Chemical Financial Corp. during the first quarter valued at about $171,000. Finally, Societe Generale bought a new position in Chemical Financial Corp. during the second quarter valued at about $180,000. Institutional investors own 71.10% of the company’s stock.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) traded up 1.17% during midday trading on Friday, reaching $44.13. The company’s stock had a trading volume of 476,894 shares. The company has a market cap of $1.69 billion, a P/E ratio of 17.19 and a beta of 1.37. The stock’s 50-day moving average price is $44.76 and its 200-day moving average price is $39.83. Chemical Financial Corp. has a 12-month low of $29.40 and a 12-month high of $47.62.
Chemical Financial Corp. (NASDAQ:CHFC) last posted its earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a return on equity of 10.21% and a net margin of 24.58%. On average, analysts expect that Chemical Financial Corp. will post $2.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were paid a dividend of $0.27 per share. This is a positive change from Chemical Financial Corp.’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, August 26th. This represents a $1.08 annualized dividend and a yield of 2.45%. Chemical Financial Corp.’s dividend payout ratio is presently 42.02%.
Several research firms have issued reports on CHFC. Boenning Scattergood reiterated a “neutral” rating on shares of Chemical Financial Corp. in a research note on Tuesday, June 7th. Zacks Investment Research lowered Chemical Financial Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Stephens began coverage on Chemical Financial Corp. in a research note on Friday, September 2nd. They issued an “equal weight” rating on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $42.50.
In related news, Director Richard M. Lievense sold 4,500 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $44.03, for a total transaction of $198,135.00. Following the transaction, the director now owns 60,097 shares of the company’s stock, valued at approximately $2,646,070.91. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas W. Kohn sold 1,000 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $46.75, for a total value of $46,750.00. Following the transaction, the insider now directly owns 46,037 shares in the company, valued at approximately $2,152,229.75. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Chemical Financial Corp. Company Profile
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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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