New Mexico Educational Retirement Board decreased its holdings in shares of Chemical Financial Co. (NASDAQ:CHFC) by 14.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,700 shares of the bank’s stock after selling 2,900 shares during the period. New Mexico Educational Retirement Board’s holdings in Chemical Financial were worth $930,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the company. Vaughan Nelson Investment Management L.P. raised its position in shares of Chemical Financial by 0.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,269,764 shares of the bank’s stock valued at $126,358,000 after purchasing an additional 12,500 shares during the period. Fort Washington Investment Advisors Inc. OH raised its position in shares of Chemical Financial by 14.9% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 347,800 shares of the bank’s stock valued at $19,362,000 after purchasing an additional 45,000 shares during the period. Avalon Advisors LLC increased its position in Chemical Financial by 10.7% during the first quarter. Avalon Advisors LLC now owns 50,068 shares of the bank’s stock worth $2,737,000 after acquiring an additional 4,825 shares during the period. Principal Financial Group Inc. increased its position in Chemical Financial by 3.0% during the first quarter. Principal Financial Group Inc. now owns 309,617 shares of the bank’s stock worth $16,929,000 after acquiring an additional 9,094 shares during the period. Finally, Xact Kapitalforvaltning AB increased its position in Chemical Financial by 44.6% during the first quarter. Xact Kapitalforvaltning AB now owns 9,395 shares of the bank’s stock worth $514,000 after acquiring an additional 2,900 shares during the period. Institutional investors own 82.46% of the company’s stock.
In other Chemical Financial news, insider Robert Rathbun sold 5,000 shares of Chemical Financial stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $58.86, for a total transaction of $294,300.00. Following the sale, the insider now owns 16,449 shares in the company, valued at $968,188.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is owned by insiders.
Chemical Financial (NASDAQ:CHFC) last announced its earnings results on Tuesday, July 24th. The bank reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.01. Chemical Financial had a net margin of 22.38% and a return on equity of 9.59%. The business had revenue of $195.56 million for the quarter, compared to analyst estimates of $195.58 million. analysts predict that Chemical Financial Co. will post 3.94 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a dividend of $0.34 per share. The ex-dividend date is Thursday, September 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Chemical Financial’s previous quarterly dividend of $0.28. Chemical Financial’s payout ratio is 36.60%.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Chemical Financial from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Sandler O’Neill lowered shares of Chemical Financial from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. They noted that the move was a valuation call. BidaskClub lowered shares of Chemical Financial from a “hold” rating to a “sell” rating in a research report on Friday, July 13th. Finally, Boenning Scattergood reaffirmed a “sell” rating on shares of Chemical Financial in a research report on Thursday, April 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $60.00.
Chemical Financial 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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