Chatham Capital Group Inc. cut its position in shares of Chemical Bank (NASDAQ:CHFC) by 6.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,220 shares of the bank’s stock after selling 2,075 shares during the period. Chatham Capital Group Inc.’s holdings in Chemical Bank were worth $1,598,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Swiss National Bank raised its stake in Chemical Bank by 2.3% during the fourth quarter. Swiss National Bank now owns 121,103 shares of the bank’s stock worth $6,475,000 after purchasing an additional 2,700 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Chemical Bank during the fourth quarter valued at about $395,000. Raymond James & Associates increased its position in shares of Chemical Bank by 33.4% during the fourth quarter. Raymond James & Associates now owns 84,479 shares of the bank’s stock valued at $4,517,000 after acquiring an additional 21,161 shares during the last quarter. Arizona State Retirement System increased its position in shares of Chemical Bank by 26.9% during the fourth quarter. Arizona State Retirement System now owns 51,226 shares of the bank’s stock valued at $2,739,000 after acquiring an additional 10,872 shares during the last quarter. Finally, Carillon Tower Advisers Inc. acquired a new stake in shares of Chemical Bank during the fourth quarter valued at about $2,820,000. 80.74% of the stock is currently owned by institutional investors.
Shares of CHFC opened at $56.64 on Friday. Chemical Bank has a 1-year low of $56.05 and a 1-year high of $56.48. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 18.51, a P/E/G ratio of 1.59 and a beta of 1.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.14.
Chemical Bank (NASDAQ:CHFC) last announced its quarterly earnings results on Tuesday, April 24th. The bank reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The business had revenue of $192.42 million during the quarter, compared to analysts’ expectations of $186.62 million. Chemical Bank had a net margin of 21.15% and a return on equity of 9.10%. equities research analysts predict that Chemical Bank will post 3.93 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, May 31st. Chemical Bank’s dividend payout ratio (DPR) is currently 36.60%.
A number of brokerages have weighed in on CHFC. DA Davidson lifted their price target on shares of Chemical Bank to $70.00 and gave the company an “average” rating in a research report on Thursday, January 25th. Hilliard Lyons upgraded shares of Chemical Bank from a “neutral” rating to a “buy” rating in a research report on Friday, January 26th. ValuEngine upgraded shares of Chemical Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $63.00 price target on shares of Chemical Bank in a research report on Tuesday, February 27th. Finally, Zacks Investment Research cut shares of Chemical Bank from a “buy” rating to a “hold” rating in a research report on Friday, April 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $59.17.
In related news, Director Larry D. Stauffer sold 1,800 shares of Chemical Bank stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $56.18, for a total value of $101,124.00. Following the completion of the transaction, the director now owns 14,053 shares in the company, valued at $789,497.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.40% of the company’s stock.
Chemical Bank 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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