OppenheimerFunds Inc. Sells 6,814 Shares of Chemical Financial Co. (CHFC)
OppenheimerFunds Inc. cut its holdings in Chemical Financial Co. (NASDAQ:CHFC) by 1.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 401,934 shares of the bank’s stock after selling 6,814 shares during the period. OppenheimerFunds Inc.’s holdings in Chemical Financial were worth $21,492,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CHFC. Sei Investments Co. raised its position in shares of Chemical Financial by 10.6% during the 3rd quarter. Sei Investments Co. now owns 22,483 shares of the bank’s stock valued at $1,175,000 after purchasing an additional 2,154 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Chemical Financial by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,971,100 shares of the bank’s stock valued at $155,269,000 after purchasing an additional 44,421 shares during the period. Sterling Capital Management LLC raised its position in shares of Chemical Financial by 1.0% during the 3rd quarter. Sterling Capital Management LLC now owns 481,537 shares of the bank’s stock valued at $25,165,000 after purchasing an additional 4,836 shares during the period. Legal & General Group Plc raised its position in shares of Chemical Financial by 15.4% during the 3rd quarter. Legal & General Group Plc now owns 66,093 shares of the bank’s stock valued at $3,456,000 after purchasing an additional 8,829 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of Chemical Financial by 64.3% during the 3rd quarter. Prudential Financial Inc. now owns 187,667 shares of the bank’s stock valued at $9,807,000 after purchasing an additional 73,470 shares during the period. Institutional investors and hedge funds own 79.58% of the company’s stock.
In related news, VP Dennis L. Klaeser sold 53,536 shares of Chemical Financial stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $58.48, for a total transaction of $3,130,785.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Gwizdala sold 5,594 shares of Chemical Financial stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $59.27, for a total transaction of $331,556.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,855 shares of company stock valued at $4,082,386. 2.20% of the stock is owned by corporate insiders.
Chemical Financial (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. Chemical Financial had a net margin of 19.26% and a return on equity of 8.46%. The firm had revenue of $178.22 million during the quarter, compared to analysts’ expectations of $183.89 million. analysts predict that Chemical Financial Co. will post 3.91 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.00%. Chemical Financial’s dividend payout ratio is presently 53.59%.
Several analysts have recently commented on the stock. Hilliard Lyons upgraded shares of Chemical Financial from a “neutral” rating to a “buy” rating in a research report on Friday, January 26th. Boenning Scattergood set a $43.00 price objective on shares of Chemical Financial and gave the stock a “sell” rating in a research note on Tuesday, January 2nd. Zacks Investment Research cut shares of Chemical Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 21st. BidaskClub raised shares of Chemical Financial from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 6th. Finally, ValuEngine raised shares of Chemical Financial from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Chemical Financial has an average rating of “Hold” and an average target price of $58.57.
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Chemical Financial 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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