State Board of Administration of Florida Retirement System Has $1,249,000 Stake in Chemical Financial Corp. (CHFC)
State Board of Administration of Florida Retirement System lowered its stake in Chemical Financial Corp. (NASDAQ:CHFC) by 14.3% during the second quarter, Holdings Channel reports. The firm owned 33,490 shares of the company’s stock after selling 5,609 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.09% of Chemical Financial Corp. worth $1,249,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of CHFC. BlackRock Inc. raised its stake in Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock valued at $110,000 after buying an additional 2,251 shares during the period. Bank of Montreal Can bought a new stake in Chemical Financial Corp. during the second quarter valued at approximately $166,000. Huntington Asset Advisors Inc. bought a new stake in Chemical Financial Corp. during the first quarter valued at approximately $171,000. Societe Generale bought a new stake in Chemical Financial Corp. during the second quarter valued at approximately $180,000. Finally, SG Americas Securities LLC bought a new stake in Chemical Financial Corp. during the second quarter valued at approximately $180,000. 71.14% of the stock is currently owned by hedge funds and other institutional investors.
Chemical Financial Corp. (NASDAQ:CHFC) traded down 0.02% during trading on Tuesday, hitting $44.32. The stock had a trading volume of 344,343 shares. The stock’s 50 day moving average price is $44.34 and its 200 day moving average price is $39.31. The firm has a market cap of $1.70 billion, a P/E ratio of 17.27 and a beta of 1.37. 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 posted its earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.07. Chemical Financial Corp. had a return on equity of 10.21% and a net margin of 24.58%. On average, analysts anticipate that Chemical Financial Corp. will post $2.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Tuesday, August 30th were issued a $0.27 dividend. This is an increase from Chemical Financial Corp.’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, August 26th. Chemical Financial Corp.’s payout ratio is presently 42.02%.
CHFC has been the topic of a number of recent analyst reports. Boenning Scattergood reiterated a “neutral” rating on shares of Chemical Financial Corp. in a research report on Tuesday, June 7th. Keefe, Bruyette & Woods increased their price target on Chemical Financial Corp. from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Stephens initiated coverage on Chemical Financial Corp. in a research report on Friday, September 2nd. They set an “equal weight” rating on the stock. Finally, Zacks Investment Research upgraded Chemical Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Thursday, July 28th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $42.50.
In related news, EVP Thomas C. Shafer sold 34,456 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $45.24, for a total value of $1,558,789.44. Following the transaction, the executive vice president now owns 61,234 shares in the company, valued at approximately $2,770,226.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Lori A. Gwizdala sold 800 shares of the business’s stock in a transaction dated 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 owns 59,111 shares in the company, valued at approximately $2,633,395.05. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
About Chemical Financial Corp.
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.
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