SG Americas Securities LLC lifted its holdings in shares of Chemical Financial Co. (NASDAQ:CHFC) by 59.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,406 shares of the bank’s stock after purchasing an additional 21,341 shares during the period. SG Americas Securities LLC owned about 0.08% of Chemical Financial worth $3,065,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Strs Ohio increased its stake in shares of Chemical Financial by 9.5% during the 2nd quarter. Strs Ohio now owns 10,400 shares of the bank’s stock worth $578,000 after purchasing an additional 900 shares in the last quarter. Argent Capital Management LLC increased its stake in shares of Chemical Financial by 2.3% during the 2nd quarter. Argent Capital Management LLC now owns 44,238 shares of the bank’s stock worth $2,463,000 after purchasing an additional 1,000 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Chemical Financial by 2.3% during the 3rd quarter. Arizona State Retirement System now owns 50,698 shares of the bank’s stock worth $2,707,000 after purchasing an additional 1,158 shares in the last quarter. US Bancorp DE increased its stake in shares of Chemical Financial by 4.0% during the 3rd quarter. US Bancorp DE now owns 36,602 shares of the bank’s stock worth $1,955,000 after purchasing an additional 1,423 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Chemical Financial by 43.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 5,159 shares of the bank’s stock worth $613,000 after purchasing an additional 1,552 shares in the last quarter. 82.74% of the stock is owned by institutional investors and hedge funds.
CHFC has been the subject of a number of recent research reports. Raymond James reissued a “buy” rating and set a $53.00 price objective on shares of Chemical Financial in a research note on Thursday, October 25th. Zacks Investment Research raised shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Tuesday, September 25th. BidaskClub raised shares of Chemical Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Boenning Scattergood raised shares of Chemical Financial from an “under perform” rating to a “neutral” rating in a research note on Thursday, October 25th. Finally, ValuEngine cut shares of Chemical Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Chemical Financial has a consensus rating of “Hold” and a consensus price target of $59.00.
Chemical Financial (NASDAQ:CHFC) last released its earnings results on Tuesday, October 23rd. The bank reported $0.98 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.01). The firm had revenue of $197.40 million during the quarter, compared to analysts’ expectations of $200.16 million. Chemical Financial had a return on equity of 9.98% and a net margin of 24.78%. During the same period in the previous year, the firm posted $0.79 earnings per share. As a group, sell-side analysts expect that Chemical Financial Co. will post 3.92 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.36 annualized dividend and a yield of 2.92%. Chemical Financial’s payout ratio is currently 44.44%.
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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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