Eagle Asset Management Inc. Has $22.73 Million Holdings in Chemical Financial Co. (CHFC)
Eagle Asset Management Inc. decreased its stake in Chemical Financial Co. (NASDAQ:CHFC) by 24.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 408,387 shares of the bank’s stock after selling 130,374 shares during the quarter. Eagle Asset Management Inc. owned 0.57% of Chemical Financial worth $22,734,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Stifel Financial Corp raised its position in shares of Chemical Financial by 45.1% during the first quarter. Stifel Financial Corp now owns 6,360 shares of the bank’s stock worth $348,000 after purchasing an additional 1,977 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Chemical Financial during the first quarter worth about $448,000. Xact Kapitalforvaltning AB raised its position in shares of Chemical Financial by 44.6% during the first quarter. Xact Kapitalforvaltning AB now owns 9,395 shares of the bank’s stock worth $514,000 after purchasing an additional 2,900 shares during the period. Strs Ohio raised its position in shares of Chemical Financial by 9.5% during the second quarter. Strs Ohio now owns 10,400 shares of the bank’s stock worth $578,000 after purchasing an additional 900 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC raised its position in shares of Chemical Financial by 56.5% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 14,589 shares of the bank’s stock worth $798,000 after purchasing an additional 5,268 shares during the period. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:CHFC opened at $57.94 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.12. The stock has a market cap of $4.09 billion, a P/E ratio of 18.93, a PEG ratio of 1.61 and a beta of 1.12. Chemical Financial Co. has a 52-week low of $43.61 and a 52-week high of $59.83.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, September 6th. This is an increase from Chemical Financial’s previous quarterly dividend of $0.28. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.35%. Chemical Financial’s dividend payout ratio (DPR) is presently 36.60%.
CHFC has been the topic of a number of research analyst reports. Zacks Investment Research raised Chemical Financial from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Tuesday, July 3rd. Boenning Scattergood reaffirmed a “sell” rating on shares of Chemical Financial in a research report on Thursday, April 26th. BidaskClub raised Chemical Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 28th. Finally, Sandler O’Neill lowered Chemical Financial from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Chemical Financial presently has an average rating of “Hold” and an average target price of $60.00.
In related news, insider Robert Rathbun sold 5,000 shares of the stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $58.86, for a total transaction of $294,300.00. Following the completion of the transaction, the insider now directly owns 16,449 shares in the company, valued at $968,188.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.
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.
Further Reading: Leveraged Buyout (LBO)
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