Jacobs Asset Management LLC trimmed its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 10.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,037 shares of the bank’s stock after selling 8,516 shares during the quarter. Jacobs Asset Management LLC owned approximately 0.10% of Chemical Financial worth $3,712,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of CHFC. Capstone Asset Management Co. boosted its stake in shares of Chemical Financial by 2.7% during the 2nd quarter. Capstone Asset Management Co. now owns 5,319 shares of the bank’s stock worth $257,000 after acquiring an additional 140 shares during the period. Strs Ohio boosted its stake in shares of Chemical Financial by 6.0% during the 2nd quarter. Strs Ohio now owns 8,900 shares of the bank’s stock worth $430,000 after acquiring an additional 500 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Chemical Financial by 2.3% during the 2nd quarter. Great West Life Assurance Co. Can now owns 45,465 shares of the bank’s stock worth $2,200,000 after acquiring an additional 1,030 shares during the period. World Asset Management Inc boosted its stake in shares of Chemical Financial by 2.9% during the 2nd quarter. World Asset Management Inc now owns 4,468 shares of the bank’s stock worth $216,000 after acquiring an additional 128 shares during the period. Finally, Texas Permanent School Fund boosted its stake in shares of Chemical Financial by 0.9% during the 2nd quarter. Texas Permanent School Fund now owns 51,927 shares of the bank’s stock worth $2,514,000 after acquiring an additional 474 shares during the period. Institutional investors own 78.44% of the company’s stock.
Several research analysts have recently commented on CHFC shares. Piper Jaffray Companies reiterated a “buy” rating and set a $55.00 target price on shares of Chemical Financial in a research note on Friday, October 27th. Zacks Investment Research raised Chemical Financial from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, October 10th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $54.00 price target on shares of Chemical Financial in a report on Thursday, August 10th. ValuEngine raised Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Boenning Scattergood reissued a “sell” rating on shares of Chemical Financial in a report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $54.07.
Chemical Financial (NASDAQ:CHFC) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The business had revenue of $175.75 million during the quarter, compared to analysts’ expectations of $182.78 million. Chemical Financial had a return on equity of 8.05% and a net margin of 24.23%. The firm’s revenue for the quarter was up 41.1% compared to the same quarter last year. During the same period last year, the firm posted $0.75 EPS. analysts predict that Chemical Financial Corporation will post 2.99 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.12 annualized dividend and a yield of 2.00%. Chemical Financial’s payout ratio is currently 42.75%.
In other Chemical Financial news, Director Larry D. Stauffer sold 1,900 shares of Chemical Financial stock in a transaction on Monday, October 30th. The stock was sold at an average price of $53.19, for a total value of $101,061.00. Following the completion of the transaction, the director now directly owns 15,853 shares of the company’s stock, valued at approximately $843,221.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ronald A. Klein sold 2,619 shares of Chemical Financial stock in a transaction on Monday, December 4th. The shares were sold at an average price of $56.75, for a total value of $148,628.25. Following the completion of the transaction, the director now directly owns 9,139 shares of the company’s stock, valued at $518,638.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,619 shares of company stock valued at $755,964. 2.20% of the stock is currently owned by insiders.
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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. 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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