Teachers Retirement System of The State of Kentucky reduced its stake in Chemical Financial Co. (NASDAQ:CHFC) by 31.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,472 shares of the company’s stock after selling 8,200 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Chemical Financial were worth $946,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of CHFC. BlackRock Fund Advisors increased its stake in Chemical Financial by 288.1% in the third quarter. BlackRock Fund Advisors now owns 3,619,218 shares of the company’s stock worth $159,716,000 after buying an additional 2,686,758 shares in the last quarter. State Street Corp increased its stake in Chemical Financial by 16.0% in the fourth quarter. State Street Corp now owns 2,604,530 shares of the company’s stock worth $141,088,000 after buying an additional 359,578 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Chemical Financial by 93.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,122,137 shares of the company’s stock worth $93,650,000 after buying an additional 1,022,308 shares in the last quarter. Northern Trust Corp increased its stake in Chemical Financial by 55.9% in the third quarter. Northern Trust Corp now owns 1,750,492 shares of the company’s stock worth $77,248,000 after buying an additional 627,339 shares in the last quarter. Finally, Capital World Investors acquired a new stake in Chemical Financial during the third quarter worth $58,801,000. Institutional investors and hedge funds own 74.36% of the company’s stock.
Shares of Chemical Financial Co. (NASDAQ:CHFC) opened at 54.00 on Monday. The company’s 50-day moving average is $52.01 and its 200 day moving average is $49.22. Chemical Financial Co. has a 12 month low of $34.29 and a 12 month high of $55.55. The stock has a market capitalization of $3.84 billion, a P/E ratio of 24.88 and a beta of 1.11.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 17th. Stockholders of record on Friday, March 3rd were given a dividend of $0.27 per share. The ex-dividend date was Wednesday, March 1st. This represents a $1.08 annualized dividend and a dividend yield of 2.00%. Chemical Financial’s dividend payout ratio (DPR) is 50.47%.
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CHFC has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Chemical Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 24th. Hilliard Lyons downgraded shares of Chemical Financial from a “buy” rating to a “neutral” rating and increased their price objective for the company from $49.00 to $55.00 in a research report on Tuesday, December 20th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $52.67.
In other news, Director Larry D. Stauffer sold 3,350 shares of Chemical Financial stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $53.18, for a total transaction of $178,153.00. Following the completion of the sale, the director now directly owns 15,356 shares in the company, valued at $816,632.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James R. Fitterling bought 1,500 shares of the firm’s stock in a transaction dated Monday, January 30th. The shares were acquired at an average price of $48.57 per share, with a total value of $72,855.00. Following the completion of the transaction, the director now owns 23,044 shares of the company’s stock, valued at approximately $1,119,247.08. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 64,468 shares of company stock valued at $3,134,972. Corporate insiders own 2.20% of the company’s stock.
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. Its 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, debit cards, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
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