One68 Global Capital LLC acquired a new position in shares of Chemical Financial Co. (NASDAQ:CHFC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,081 shares of the bank’s stock, valued at approximately $209,000. Chemical Financial comprises about 0.6% of One68 Global Capital LLC’s portfolio, making the stock its 13th biggest holding.
A number of other institutional investors have also recently added to or reduced their stakes in CHFC. Hilton Capital Management LLC acquired a new position in shares of Chemical Financial in the first quarter valued at $92,000. Westwood Holdings Group Inc. increased its holdings in shares of Chemical Financial by 4.4% in the first quarter. Westwood Holdings Group Inc. now owns 792,320 shares of the bank’s stock valued at $32,612,000 after purchasing an additional 33,495 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Chemical Financial in the first quarter valued at $6,726,000. ClariVest Asset Management LLC acquired a new position in shares of Chemical Financial in the first quarter valued at $9,635,000. Finally, Phocas Financial Corp. increased its holdings in shares of Chemical Financial by 21.6% in the first quarter. Phocas Financial Corp. now owns 166,211 shares of the bank’s stock valued at $6,841,000 after purchasing an additional 29,514 shares during the last quarter. 86.70% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on CHFC. Zacks Investment Research upgraded shares of Chemical Financial from a “sell” rating to a “hold” rating in a report on Tuesday, May 14th. BidaskClub downgraded shares of Chemical Financial from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 26th. ValuEngine upgraded shares of Chemical Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, May 4th. Finally, FIG Partners upgraded shares of Chemical Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.71.
Shares of Chemical Financial stock traded down $0.37 during trading on Friday, reaching $38.77. The company’s stock had a trading volume of 6,456 shares, compared to its average volume of 441,716. The stock has a market cap of $2.77 billion, a PE ratio of 9.86, a PEG ratio of 1.04 and a beta of 1.48. Chemical Financial Co. has a 52 week low of $34.62 and a 52 week high of $59.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.89 and a current ratio of 0.89.
Chemical Financial (NASDAQ:CHFC) last announced its earnings results on Tuesday, April 23rd. The bank reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.03. The company had revenue of $187.68 million during the quarter, compared to analysts’ expectations of $202.40 million. Chemical Financial had a net margin of 29.14% and a return on equity of 10.14%. During the same quarter in the previous year, the business posted $0.97 earnings per share. Equities research analysts predict that Chemical Financial Co. will post 4.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.51%. Chemical Financial’s payout ratio is presently 34.52%.
Chemical Financial Company Profile
Chemical Financial Corporation operates as a financial holding company of Chemical Bank that offers a range of 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.
Further Reading: Overbought
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