Goldman Sachs Group Inc. cut its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 22.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,550 shares of the bank’s stock after selling 44,482 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.21% of Chemical Financial Corporation worth $7,289,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Chemical Financial Corporation by 19.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock worth $116,000 after acquiring an additional 389 shares during the period. Huntington National Bank bought a new position in Chemical Financial Corporation during the second quarter worth about $152,000. PNC Financial Services Group Inc. increased its position in Chemical Financial Corporation by 220.5% during the second quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock worth $177,000 after acquiring an additional 2,525 shares during the period. Riverhead Capital Management LLC increased its position in Chemical Financial Corporation by 59.5% during the second quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock worth $185,000 after acquiring an additional 1,427 shares during the period. Finally, Stifel Financial Corp bought a new position in Chemical Financial Corporation during the second quarter worth about $205,000. 76.46% of the stock is currently owned by institutional investors.
Shares of Chemical Financial Corporation (NASDAQ:CHFC) opened at 54.02 on Friday. Chemical Financial Corporation has a 52 week low of $40.93 and a 52 week high of $55.55. The firm has a market capitalization of $3.84 billion, a P/E ratio of 22.64 and a beta of 1.15. The firm’s 50-day moving average is $50.33 and its 200-day moving average is $48.31.
Chemical Financial Corporation (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $178.21 million. Equities analysts anticipate that Chemical Financial Corporation will post $2.97 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, November 30th. Chemical Financial Corporation’s dividend payout ratio is presently 49.34%.
A number of research firms recently commented on CHFC. Zacks Investment Research raised shares of Chemical Financial Corporation from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, October 10th. Boenning Scattergood lowered shares of Chemical Financial Corporation from a “neutral” rating to an “under perform” rating and set a $41.50 price target on the stock. in a research report on Tuesday, September 19th. BidaskClub raised shares of Chemical Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. ValuEngine lowered shares of Chemical Financial Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $54.00 price target on shares of Chemical Financial Corporation in a research report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Chemical Financial Corporation presently has a consensus rating of “Hold” and an average price target of $54.21.
In other news, Director Richard M. Lievense sold 14,659 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this link. Also, Director Larry D. Stauffer sold 2,110 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total value of $100,161.70. Following the sale, the director now owns 13,246 shares in the company, valued at $628,787.62. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
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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