Sterling Capital Management LLC grew its position in Chemical Financial Corporation (NASDAQ:CHFC) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 476,701 shares of the bank’s stock after purchasing an additional 12,406 shares during the quarter. Sterling Capital Management LLC owned approximately 0.67% of Chemical Financial Corporation worth $23,077,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in CHFC. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Chemical Financial Corporation by 19.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock valued at $116,000 after purchasing an additional 389 shares during the period. Huntington National Bank acquired a new stake in shares of Chemical Financial Corporation in the second quarter worth $152,000. PNC Financial Services Group Inc. grew its stake in shares of Chemical Financial Corporation by 220.5% in the second quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock worth $177,000 after acquiring an additional 2,525 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Chemical Financial Corporation by 59.5% in the second quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock worth $185,000 after acquiring an additional 1,427 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Chemical Financial Corporation in the second quarter worth $205,000. 76.46% of the stock is currently owned by institutional investors.
In other Chemical Financial Corporation news, Director Larry D. Stauffer sold 2,110 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $47.47, for a total value of $100,161.70. Following the transaction, the director now directly owns 13,246 shares of the company’s stock, valued at approximately $628,787.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard M. Lievense sold 14,659 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $48.20, for a total value of $706,563.80. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Shares of Chemical Financial Corporation (CHFC) traded up 0.58% during midday trading on Friday, hitting $53.53. 58,850 shares of the stock traded hands. The company has a market capitalization of $3.81 billion, a PE ratio of 22.44 and a beta of 1.15. The firm’s 50 day moving average price is $49.03 and its 200 day moving average price is $48.19. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. Chemical Financial Corporation had a return on equity of 7.32% and a net margin of 22.28%. The firm had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Analysts expect that Chemical Financial Corporation will post $2.97 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.10%. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. The ex-dividend date was Wednesday, August 30th. Chemical Financial Corporation’s dividend payout ratio is currently 49.34%.
Several brokerages have recently issued reports on CHFC. Piper Jaffray Companies began coverage on shares of Chemical Financial Corporation in a research note on Thursday, July 6th. They issued an “overweight” rating and a $56.00 price objective on the stock. BidaskClub downgraded shares of Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. Boenning Scattergood downgraded shares of Chemical Financial Corporation from a “neutral” rating to an “under perform” rating and set a $41.50 price objective on the stock. in a research note on Tuesday, September 19th. Stephens restated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Chemical Financial Corporation presently has a consensus rating of “Hold” and a consensus price target of $54.21.
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Chemical Financial Corporation 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. 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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