Prudential Financial Inc. cut its position in shares of Chemical Financial Corp. (NASDAQ:CHFC) by 13.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,551 shares of the company’s stock after selling 23,100 shares during the period. Prudential Financial Inc. owned approximately 0.40% of Chemical Financial Corp. worth $5,726,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Virginia Retirement System bought a new stake in shares of Chemical Financial Corp. during the first quarter worth $807,000. Ngam Advisors L.P. bought a new stake in shares of Chemical Financial Corp. during the first quarter worth $3,626,000. TIAA CREF Investment Management LLC increased its stake in shares of Chemical Financial Corp. by 12.4% in the first quarter. TIAA CREF Investment Management LLC now owns 168,787 shares of the company’s stock worth $6,024,000 after buying an additional 18,584 shares during the period. Teachers Advisors Inc. increased its stake in shares of Chemical Financial Corp. by 3.1% in the first quarter. Teachers Advisors Inc. now owns 49,213 shares of the company’s stock worth $1,756,000 after buying an additional 1,500 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Chemical Financial Corp. by 0.4% in the first quarter. Franklin Resources Inc. now owns 1,582,221 shares of the company’s stock worth $56,469,000 after buying an additional 6,600 shares during the period. 71.10% of the stock is owned by hedge funds and other institutional investors.
Chemical Financial Corp. (NASDAQ:CHFC) opened at 44.81 on Wednesday. The company has a market capitalization of $1.71 billion, a P/E ratio of 17.46 and a beta of 1.34. Chemical Financial Corp. has a one year low of $29.40 and a one year high of $47.62. The company’s 50-day moving average is $44.71 and its 200 day moving average is $40.33.
Chemical Financial Corp. (NASDAQ:CHFC) last released its earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ 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%. Analysts predict that Chemical Financial Corp. will post $2.78 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were given a $0.27 dividend. This is an increase from Chemical Financial Corp.’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, August 26th. This represents a $1.08 dividend on an annualized basis and a yield of 2.41%. Chemical Financial Corp.’s payout ratio is presently 42.02%.
A number of equities analysts have recently commented on CHFC shares. Keefe, Bruyette & Woods raised their price objective on shares of Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Zacks Investment Research raised shares of Chemical Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Thursday, July 28th. Finally, Stephens started coverage on shares of Chemical Financial Corp. in a report on Friday, September 2nd. They set an “equal weight” rating for the company. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $42.50.
In other Chemical Financial Corp. news, EVP Thomas C. Shafer sold 34,456 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $45.24, for a total value of $1,558,789.44. Following the completion of the sale, the executive vice president now owns 61,234 shares in the company, valued at $2,770,226.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Lori A. Gwizdala sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $44.55, for a total value of $35,640.00. Following the completion of the sale, the vice president now owns 59,111 shares of the company’s stock, valued at approximately $2,633,395.05. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.
About Chemical Financial Corp.
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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