Verition Fund Management LLC Takes Position in Chemical Financial Co. (CHFC)

Verition Fund Management LLC purchased a new position in shares of Chemical Financial Co. (NASDAQ:CHFC) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,384 shares of the bank’s stock, valued at approximately $395,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Aperio Group LLC lifted its holdings in shares of Chemical Financial by 5.4% during the fourth quarter. Aperio Group LLC now owns 19,031 shares of the bank’s stock worth $1,018,000 after purchasing an additional 983 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Chemical Financial by 11.6% during the third quarter. Pacer Advisors Inc. now owns 10,404 shares of the bank’s stock worth $544,000 after purchasing an additional 1,078 shares during the period. Suntrust Banks Inc. lifted its holdings in shares of Chemical Financial by 11.4% during the fourth quarter. Suntrust Banks Inc. now owns 11,208 shares of the bank’s stock worth $597,000 after purchasing an additional 1,146 shares during the period. Salzhauer Michael lifted its holdings in shares of Chemical Financial by 11.9% during the third quarter. Salzhauer Michael now owns 11,050 shares of the bank’s stock worth $577,000 after purchasing an additional 1,172 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Chemical Financial by 0.4% during the third quarter. Principal Financial Group Inc. now owns 300,718 shares of the bank’s stock worth $15,715,000 after purchasing an additional 1,201 shares during the period. 80.05% of the stock is owned by hedge funds and other institutional investors.

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Several brokerages recently weighed in on CHFC. ValuEngine downgraded Chemical Financial from a “buy” rating to a “hold” rating in a report on Wednesday, March 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $63.00 price target on shares of Chemical Financial in a report on Tuesday, February 27th. Zacks Investment Research downgraded Chemical Financial from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. DA Davidson increased their price target on Chemical Financial to $70.00 and gave the stock an “average” rating in a report on Thursday, January 25th. Finally, BidaskClub downgraded Chemical Financial from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $58.57.

Chemical Financial stock opened at $52.62 on Friday. The stock has a market capitalization of $3,751.96, a price-to-earnings ratio of 25.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. Chemical Financial Co. has a 52-week low of $43.61 and a 52-week high of $59.83.

Chemical Financial (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.05. The firm had revenue of $178.22 million during the quarter, compared to analysts’ expectations of $183.89 million. Chemical Financial had a return on equity of 8.46% and a net margin of 19.26%. equities analysts expect that Chemical Financial Co. will post 3.91 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Friday, March 2nd were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Thursday, March 1st. Chemical Financial’s payout ratio is 53.59%.

In other Chemical Financial news, Director Richard M. Lievense sold 6,298 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $57.92, for a total value of $364,780.16. Following the completion of the transaction, the director now owns 28,669 shares in the company, valued at $1,660,508.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dennis L. Klaeser sold 53,536 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $58.48, for a total value of $3,130,785.28. The disclosure for this sale can be found here. Insiders sold 67,236 shares of company stock valued at $3,933,758 in the last quarter. 2.20% of the stock is currently owned by company insiders.

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

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