Lodestar Investment Counsel LLC IL increased its position in Chemical Financial Corporation (NASDAQ:CHFC) by 9.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,580 shares of the bank’s stock after buying an additional 580 shares during the period. Lodestar Investment Counsel LLC IL’s holdings in Chemical Financial Corporation were worth $319,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its position in Chemical Financial Corporation by 18.3% in the fourth quarter. Macquarie Group Ltd. now owns 78,226 shares of the bank’s stock worth $4,238,000 after buying an additional 12,100 shares during the period. Foundry Partners LLC raised its position in Chemical Financial Corporation by 3.4% in the first quarter. Foundry Partners LLC now owns 75,006 shares of the bank’s stock worth $3,837,000 after buying an additional 2,436 shares during the period. Creative Planning raised its position in Chemical Financial Corporation by 11.2% in the first quarter. Creative Planning now owns 3,043 shares of the bank’s stock worth $156,000 after buying an additional 307 shares during the period. Capstone Asset Management Co. raised its position in Chemical Financial Corporation by 4.9% in the first quarter. Capstone Asset Management Co. now owns 5,179 shares of the bank’s stock worth $265,000 after buying an additional 240 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in Chemical Financial Corporation by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 17,900 shares of the bank’s stock worth $916,000 after buying an additional 500 shares during the period. 79.07% of the stock is currently owned by institutional investors.
Chemical Financial Corporation (NASDAQ CHFC) opened at 48.78 on Friday. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 21.39 and a beta of 1.13. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The stock has a 50 day moving average price of $48.56 and a 200 day moving average price of $49.52.
Chemical Financial Corporation (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.01. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. The business had revenue of $179.52 million for the quarter, compared to the consensus estimate of $178.21 million. Equities research analysts expect that Chemical Financial Corporation will post $3.00 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.28 dividend. The ex-dividend date is Wednesday, August 30th. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. Chemical Financial Corporation’s dividend payout ratio is 47.58%.
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CHFC has been the topic of several recent analyst reports. Zacks Investment Research lowered Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 4th. Keefe, Bruyette & Woods set a $55.00 price target on Chemical Financial Corporation and gave the company a “buy” rating in a research note on Saturday, April 15th. Hilliard Lyons raised Chemical Financial Corporation to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research note on Friday, April 28th. BidaskClub raised Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, DA Davidson initiated coverage on Chemical Financial Corporation in a research note on Wednesday, July 5th. They issued a “buy” rating and a $58.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $56.33.
About Chemical Financial Corporation
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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