Nationwide Fund Advisors Reduces Stake in Chemical Financial Corp. (CHFC)
Nationwide Fund Advisors lowered its position in Chemical Financial Corp. (NASDAQ:CHFC) by 0.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 61,069 shares of the company’s stock after selling 202 shares during the period. Nationwide Fund Advisors owned approximately 0.16% of Chemical Financial Corp. worth $2,277,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Chemical Financial Corp. by 271.9% in the first quarter. BlackRock Inc. now owns 3,079 shares of the company’s stock worth $110,000 after buying an additional 2,251 shares during the last quarter. FineMark National Bank & Trust boosted its stake in shares of Chemical Financial Corp. by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,086 shares of the company’s stock worth $115,000 after buying an additional 17 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Chemical Financial Corp. during the second quarter worth $166,000. Huntington Asset Advisors Inc. bought a new stake in shares of Chemical Financial Corp. during the first quarter worth $171,000. Finally, Societe Generale bought a new stake in shares of Chemical Financial Corp. during the second quarter worth $180,000. Institutional investors and hedge funds own 71.10% of the company’s stock.
Shares of Chemical Financial Corp. (NASDAQ:CHFC) traded down 0.18% during trading on Wednesday, reaching $44.73. The company’s stock had a trading volume of 46,616 shares. Chemical Financial Corp. has a 12 month low of $29.40 and a 12 month high of $47.62. The company’s 50-day moving average is $44.71 and its 200-day moving average is $40.33. The company has a market capitalization of $1.71 billion, a P/E ratio of 17.43 and a beta of 1.34.
Chemical Financial Corp. (NASDAQ:CHFC) last released its earnings results on Tuesday, July 26th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 forecast 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. Investors of record on Tuesday, August 30th were given a dividend of $0.27 per share. The ex-dividend date was Friday, August 26th. This is an increase 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 (DPR) is 42.02%.
A number of analysts have recently weighed in on the company. 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 assumed coverage on Chemical Financial Corp. in a report on Friday, September 2nd. They issued an “equal weight” rating for the company. Finally, Zacks Investment Research raised Chemical Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $42.50.
In other Chemical Financial Corp. news, VP Lori A. Gwizdala sold 800 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $44.55, for a total transaction of $35,640.00. Following the completion of the transaction, the vice president now owns 59,111 shares in the company, valued at $2,633,395.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas C. Shafer sold 34,456 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $45.24, for a total transaction of $1,558,789.44. Following the transaction, the executive vice president now owns 61,234 shares of the company’s stock, valued at approximately $2,770,226.16. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
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.
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