Johanson Financial Advisors Inc. bought a new position in Chemical Financial Co. (NASDAQ:CHFC) during the first quarter, Holdings Channel reports. The institutional investor bought 15,418 shares of the bank’s stock, valued at approximately $789,000.
Several other hedge funds have also added to or reduced their stakes in CHFC. FineMark National Bank & Trust increased its stake in Chemical Financial by 0.6% in the third quarter. FineMark National Bank & Trust now owns 3,105 shares of the bank’s stock worth $137,000 after buying an additional 19 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in Chemical Financial by 153.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,722 shares of the bank’s stock worth $139,000 after buying an additional 1,650 shares in the last quarter. Tyers Asset Management LLC acquired a new stake in Chemical Financial during the fourth quarter worth $148,000. Creative Planning increased its stake in Chemical Financial by 11.2% in the first quarter. Creative Planning now owns 3,043 shares of the bank’s stock worth $156,000 after buying an additional 307 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new stake in Chemical Financial during the third quarter worth $166,000. 74.36% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Chemical Financial Co. (NASDAQ:CHFC) traded up 2.88% during mid-day trading on Thursday, reaching $49.26. 146,573 shares of the company traded hands. The firm has a 50 day moving average of $50.89 and a 200-day moving average of $50.04. Chemical Financial Co. has a 52 week low of $34.82 and a 52 week high of $55.55. The stock has a market capitalization of $3.50 billion, a PE ratio of 22.70 and a beta of 1.11.
Chemical Financial (NASDAQ:CHFC) last issued its quarterly earnings results on Wednesday, January 25th. The bank reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.71 by $0.01. Chemical Financial had a return on equity of 8.95% and a net margin of 20.09%. The business had revenue of $186.71 million for the quarter, compared to analysts’ expectations of $176.13 million. On average, equities research analysts expect that Chemical Financial Co. will post $3.10 EPS for the current fiscal year.
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CHFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods set a $55.00 target price on shares of Chemical Financial and gave the stock a “buy” rating in a research report on Saturday, April 15th. Zacks Investment Research raised shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, January 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Chemical Financial presently has an average rating of “Hold” and an average price target of $56.00.
In related news, Director Larry D. Stauffer sold 3,350 shares of Chemical Financial stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $53.18, for a total transaction of $178,153.00. Following the completion of the sale, the director now owns 15,356 shares of the company’s stock, valued at $816,632.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald A. Klein sold 4,725 shares of Chemical Financial stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $49.25, for a total value of $232,706.25. Following the sale, the director now directly owns 6,520 shares of the company’s stock, valued at approximately $321,110. The disclosure for this sale can be found here. Insiders have sold 64,468 shares of company stock valued at $3,134,972 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.
About Chemical Financial
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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