Alps Advisors Inc. lowered its stake in Chemical Financial Corp. (NASDAQ:CHFC) by 6.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,462 shares of the company’s stock after selling 840 shares during the period. Alps Advisors Inc.’s holdings in Chemical Financial Corp. were worth $427,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CHFC. Artemis Investment Management LLP raised its stake in shares of Chemical Financial Corp. by 232.5% in the second quarter. Artemis Investment Management LLP now owns 749,700 shares of the company’s stock valued at $27,953,000 after buying an additional 524,250 shares in the last quarter. Renaissance Technologies LLC raised its position in Chemical Financial Corp. by 156.7% in the first quarter. Renaissance Technologies LLC now owns 476,454 shares of the company’s stock valued at $17,005,000 after buying an additional 290,854 shares during the period. Norges Bank bought a new position in Chemical Financial Corp. during the fourth quarter valued at $8,837,000. Foundry Partners LLC bought a new position in Chemical Financial Corp. during the second quarter valued at $3,853,000. Finally, Ngam Advisors L.P. bought a new position in Chemical Financial Corp. during the first quarter valued at $3,626,000. Institutional investors and hedge funds own 71.10% of the company’s stock.
Chemical Financial Corp. (NASDAQ:CHFC) traded up 0.04% during trading on Friday, hitting $44.83. The stock had a trading volume of 284,907 shares. The stock has a 50 day moving average price of $44.73 and a 200 day moving average price of $40.16. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 17.46 and a beta of 1.34. Chemical Financial Corp. has a 12-month low of $29.40 and a 12-month high of $47.62.
Chemical Financial Corp. (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a net margin of 24.58% and a return on equity of 10.21%. Equities research analysts forecast that Chemical Financial Corp. will post $2.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 30th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, August 26th. This is a positive change from Chemical Financial Corp.’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.41%. Chemical Financial Corp.’s dividend payout ratio is presently 42.02%.
CHFC has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their target price on Chemical Financial Corp. from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Zacks Investment Research upgraded Chemical Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Thursday, July 28th. Finally, Stephens initiated coverage on Chemical Financial Corp. in a report on Friday, September 2nd. They set an “equal weight” rating on the stock. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Chemical Financial Corp. presently has an average rating of “Buy” and an average price target of $42.50.
In related news, VP Lori A. Gwizdala sold 800 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $44.55, for a total value of $35,640.00. Following the completion of the transaction, the vice president now directly owns 59,111 shares of the company’s stock, valued at approximately $2,633,395.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard M. Lievense sold 4,500 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $44.03, for a total transaction of $198,135.00. Following the completion of the transaction, the director now directly owns 60,097 shares of the company’s stock, valued at $2,646,070.91. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Chemical Financial Corp. 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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.