NGAM Advisors L.P. Sells 20,468 Shares of Chemical Financial Corporation (CHFC)
NGAM Advisors L.P. lowered its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 23.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,386 shares of the bank’s stock after selling 20,468 shares during the period. NGAM Advisors L.P.’s holdings in Chemical Financial Corporation were worth $3,262,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in CHFC. State Street Corp raised its position in Chemical Financial Corporation by 26.8% in the first quarter. State Street Corp now owns 3,301,324 shares of the bank’s stock valued at $168,860,000 after buying an additional 696,794 shares during the period. Keybank National Association OH bought a new position in Chemical Financial Corporation during the first quarter valued at approximately $2,271,000. BlackRock Inc. raised its position in Chemical Financial Corporation by 18,200.8% in the first quarter. BlackRock Inc. now owns 7,121,205 shares of the bank’s stock valued at $364,250,000 after buying an additional 7,082,293 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Chemical Financial Corporation during the first quarter valued at approximately $277,000. Finally, Retirement Systems of Alabama raised its position in Chemical Financial Corporation by 0.7% in the first quarter. Retirement Systems of Alabama now owns 91,749 shares of the bank’s stock valued at $4,693,000 after buying an additional 648 shares during the period. 79.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Chemical Financial Corporation (NASDAQ:CHFC) opened at 46.95 on Thursday. The firm’s 50-day moving average price is $48.16 and its 200 day moving average price is $49.26. The stock has a market capitalization of $3.34 billion, a P/E ratio of 19.68 and a beta of 1.12. Chemical Financial Corporation has a 12-month low of $40.93 and a 12-month high of $55.55.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $179.52 million during the quarter, compared to the consensus estimate of $178.21 million. Analysts predict that Chemical Financial Corporation will post $2.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.28 per share. This is an increase from Chemical Financial Corporation’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.39%. Chemical Financial Corporation’s dividend payout ratio is presently 47.58%.
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CHFC has been the topic of several recent research reports. BidaskClub lowered Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Boenning Scattergood reissued a “hold” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. Hilliard Lyons raised Chemical Financial Corporation to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Friday, April 28th. Zacks Investment Research lowered Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research report on Monday, April 17th. Finally, Stephens reissued a “buy” rating on shares of Chemical Financial Corporation in a research report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $56.17.
In related news, Director Richard M. Lievense sold 14,659 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $48.20, for a total transaction of $706,563.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.20% of the stock is owned by corporate insiders.
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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