Dupont Capital Management Corp purchased a new stake in Chemical Financial Co. (NASDAQ:CHFC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,013 shares of the bank’s stock, valued at approximately $257,000.
Several other hedge funds also recently modified their holdings of CHFC. Deroy & Devereaux Private Investment Counsel Inc. grew its holdings in Chemical Financial by 36.0% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 258,103 shares of the bank’s stock worth $9,449,000 after acquiring an additional 68,371 shares during the period. Rhumbline Advisers grew its holdings in Chemical Financial by 63.1% during the 4th quarter. Rhumbline Advisers now owns 219,532 shares of the bank’s stock worth $8,037,000 after acquiring an additional 84,972 shares during the period. Advisors Asset Management Inc. grew its holdings in Chemical Financial by 22.7% during the 4th quarter. Advisors Asset Management Inc. now owns 19,698 shares of the bank’s stock worth $721,000 after acquiring an additional 3,639 shares during the period. Xact Kapitalforvaltning AB grew its holdings in Chemical Financial by 16.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 11,795 shares of the bank’s stock worth $432,000 after acquiring an additional 1,700 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in Chemical Financial by 24.9% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,658,834 shares of the bank’s stock worth $97,339,000 after acquiring an additional 529,790 shares during the period. Institutional investors and hedge funds own 84.59% of the company’s stock.
A number of brokerages have weighed in on CHFC. Sandler O’Neill upgraded Chemical Financial from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Friday, February 8th. Zacks Investment Research cut shares of Chemical Financial from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Raymond James set a $55.00 price objective on shares of Chemical Financial and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Keefe, Bruyette & Woods raised shares of Chemical Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $55.00 to $59.00 in a research report on Tuesday, January 29th. They noted that the move was a valuation call. Finally, BidaskClub raised shares of Chemical Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.60.
Chemical Financial (NASDAQ:CHFC) last released its quarterly earnings data on Monday, January 28th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.02. The company had revenue of $195.50 million for the quarter, compared to analysts’ expectations of $200.12 million. Chemical Financial had a net margin of 30.57% and a return on equity of 10.20%. During the same quarter in the prior year, the firm earned $0.87 EPS. As a group, sell-side analysts expect that Chemical Financial Co. will post 4.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, March 1st will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $1.36 annualized dividend and a yield of 2.91%. Chemical Financial’s payout ratio is 34.52%.
Chemical Financial Company Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers 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.
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