CIBC World Markets Inc. bought a new stake in Chemical Financial Co. (NASDAQ:CHFC) in the third quarter, HoldingsChannel reports. The institutional investor bought 6,556 shares of the bank’s stock, valued at approximately $350,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Strs Ohio lifted its holdings in shares of Chemical Financial by 9.5% in the second quarter. Strs Ohio now owns 10,400 shares of the bank’s stock valued at $578,000 after purchasing an additional 900 shares in the last quarter. Argent Capital Management LLC lifted its holdings in shares of Chemical Financial by 2.3% in the second quarter. Argent Capital Management LLC now owns 44,238 shares of the bank’s stock valued at $2,463,000 after purchasing an additional 1,000 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Chemical Financial by 2.3% in the third quarter. Arizona State Retirement System now owns 50,698 shares of the bank’s stock valued at $2,707,000 after purchasing an additional 1,158 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Chemical Financial by 4.0% in the third quarter. US Bancorp DE now owns 36,602 shares of the bank’s stock valued at $1,955,000 after purchasing an additional 1,423 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Chemical Financial by 43.0% in the second quarter. Advisors Asset Management Inc. now owns 5,159 shares of the bank’s stock valued at $613,000 after purchasing an additional 1,552 shares in the last quarter. Institutional investors own 83.06% of the company’s stock.

NASDAQ CHFC opened at $44.25 on Friday. Chemical Financial Co. has a 1-year low of $41.52 and a 1-year high of $59.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $3.17 billion, a PE ratio of 14.46, a P/E/G ratio of 1.26 and a beta of 1.12.

Chemical Financial (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.98 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.01). Chemical Financial had a return on equity of 9.98% and a net margin of 24.78%. The company had revenue of $197.40 million during the quarter, compared to analyst estimates of $200.16 million. During the same period last year, the company posted $0.79 earnings per share. On average, sell-side analysts predict that Chemical Financial Co. will post 3.92 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Thursday, December 6th. Chemical Financial’s dividend payout ratio (DPR) is presently 44.44%.

CHFC has been the subject of a number of research analyst reports. Raymond James restated a “buy” rating and issued a $53.00 target price on shares of Chemical Financial in a report on Thursday, October 25th. Zacks Investment Research upgraded Chemical Financial from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a report on Tuesday, September 25th. Boenning Scattergood upgraded Chemical Financial from an “under perform” rating to a “neutral” rating in a report on Thursday, October 25th. BidaskClub lowered Chemical Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. Finally, ValuEngine downgraded shares of Chemical Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $59.00.

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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.

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Institutional Ownership by Quarter for Chemical Financial (NASDAQ:CHFC)

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