Alpha Cubed Investments LLC increased its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 80.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,295 shares of the bank’s stock after buying an additional 8,616 shares during the period. Alpha Cubed Investments LLC’s holdings in Chemical Financial Corporation were worth $934,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in CHFC. BlackRock Inc. boosted its position in shares of Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock worth $364,250,000 after buying an additional 7,082,293 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Chemical Financial Corporation by 6.6% in the first quarter. Vanguard Group Inc. now owns 6,014,072 shares of the bank’s stock worth $307,620,000 after buying an additional 374,588 shares in the last quarter. State Street Corp boosted its position in shares of Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock worth $168,860,000 after buying an additional 696,794 shares in the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Chemical Financial Corporation by 15.8% in the first quarter. Westwood Holdings Group Inc. now owns 1,720,161 shares of the bank’s stock worth $87,986,000 after buying an additional 234,921 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Chemical Financial Corporation by 31.2% in the first quarter. Schroder Investment Management Group now owns 1,269,113 shares of the bank’s stock worth $66,032,000 after buying an additional 301,993 shares in the last quarter. 79.19% of the stock is owned by institutional investors.
Shares of Chemical Financial Corporation (NASDAQ CHFC) opened at 45.10 on Friday. The firm has a 50-day moving average price of $48.03 and a 200 day moving average price of $49.07. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55. The stock has a market cap of $3.21 billion, a PE ratio of 18.90 and a beta of 1.12.
Chemical Financial Corporation (NASDAQ:CHFC) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.75 earnings per share (EPS) for the quarter, topping 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 company had revenue of $179.52 million during the quarter, compared to analysts’ expectations of $178.21 million. Equities research analysts predict that Chemical Financial Corporation will post $2.96 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Wednesday, August 30th. This is a boost from Chemical Financial Corporation’s previous quarterly dividend of $0.27. Chemical Financial Corporation’s payout ratio is currently 47.58%.
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A number of analysts recently commented on CHFC shares. Stephens reiterated a “buy” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. DA Davidson started coverage on Chemical Financial Corporation in a research report on Wednesday, July 5th. They set a “buy” rating and a $58.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $54.00 price objective on shares of Chemical Financial Corporation in a research report on Thursday, August 10th. Hilliard Lyons upgraded Chemical Financial Corporation to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a research report on Friday, April 28th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Chemical Financial Corporation currently has an average rating of “Hold” and an average target price of $56.17.
In related news, Director Richard M. Lievense sold 14,659 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $48.20, for a total value of $706,563.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Larry D. Stauffer sold 2,110 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the completion of the sale, the director now owns 13,246 shares of the company’s stock, valued at $628,787.62. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
Chemical Financial Corporation 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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