Chemical Financial Corporation (CHFC) Stake Raised by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in Chemical Financial Corporation (NASDAQ:CHFC) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,335,627 shares of the bank’s stock after purchasing an additional 12,172 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.88% of Chemical Financial Corporation worth $64,657,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Chemical Financial Corporation by 19.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,405 shares of the bank’s stock valued at $116,000 after purchasing an additional 389 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Chemical Financial Corporation in the 2nd quarter valued at about $152,000. PNC Financial Services Group Inc. raised its stake in shares of Chemical Financial Corporation by 220.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,670 shares of the bank’s stock valued at $177,000 after purchasing an additional 2,525 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Chemical Financial Corporation by 59.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,827 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,427 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Chemical Financial Corporation in the 2nd quarter valued at about $205,000. Institutional investors and hedge funds own 76.46% of the company’s stock.

In other news, Director Larry D. Stauffer sold 2,110 shares of Chemical Financial Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $47.47, for a total transaction of $100,161.70. Following the sale, the director now directly owns 13,246 shares in the company, valued at approximately $628,787.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard M. Lievense sold 14,659 shares of Chemical Financial Corporation stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $48.20, for a total transaction of $706,563.80. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Chemical Financial Corporation (NASDAQ:CHFC) traded down 0.84% during midday trading on Wednesday, reaching $52.99. 14,434 shares of the company traded hands. The firm’s 50 day moving average price is $48.57 and its 200 day moving average price is $48.12. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 22.21 and a beta of 1.15. Chemical Financial Corporation has a 12 month low of $40.93 and a 12 month high of $55.55.

Chemical Financial Corporation (NASDAQ:CHFC) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. The company had revenue of $179.52 million for the quarter, compared to analyst estimates of $178.21 million. Chemical Financial Corporation had a net margin of 22.28% and a return on equity of 7.32%. On average, analysts expect that Chemical Financial Corporation will post $2.97 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.28 per share. This is a positive change from Chemical Financial Corporation’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, August 30th. Chemical Financial Corporation’s payout ratio is 49.34%.

A number of brokerages have recently issued reports on CHFC. Piper Jaffray Companies began coverage on shares of Chemical Financial Corporation in a research note on Thursday, July 6th. They issued an “overweight” rating and a $56.00 target price on the stock. BidaskClub lowered shares of Chemical Financial Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. Boenning Scattergood lowered shares of Chemical Financial Corporation from a “neutral” rating to an “under perform” rating and set a $41.50 target price on the stock. in a research note on Tuesday, September 19th. Stephens restated a “buy” rating on shares of Chemical Financial Corporation in a research note on Wednesday, July 26th. Finally, Zacks Investment Research upgraded shares of Chemical Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $54.21.

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About Chemical Financial Corporation

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.

Institutional Ownership by Quarter for Chemical Financial Corporation (NASDAQ:CHFC)

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