Eagle Boston Investment Management Inc. boosted its position in Chemical Bank (NASDAQ:CHFC) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 201,675 shares of the bank’s stock after purchasing an additional 10,442 shares during the quarter. Eagle Boston Investment Management Inc. owned approximately 0.28% of Chemical Bank worth $11,027,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Chemical Bank by 57.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,785 shares of the bank’s stock valued at $202,000 after acquiring an additional 1,380 shares in the last quarter. Zeke Capital Advisors LLC bought a new position in shares of Chemical Bank during the fourth quarter valued at $236,000. Quantitative Systematic Strategies LLC bought a new position in shares of Chemical Bank during the fourth quarter valued at $244,000. Virtu Financial LLC bought a new position in shares of Chemical Bank during the fourth quarter valued at $249,000. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of Chemical Bank by 34.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 6,451 shares of the bank’s stock valued at $345,000 after acquiring an additional 1,640 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.
Several equities analysts have recently weighed in on CHFC shares. DA Davidson raised their price target on Chemical Bank to $70.00 and gave the company an “average” rating in a report on Thursday, January 25th. Hilliard Lyons upgraded Chemical Bank from a “neutral” rating to a “buy” rating in a report on Friday, January 26th. Zacks Investment Research downgraded Chemical Bank from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Keefe, Bruyette & Woods restated a “hold” rating and set a $63.00 price target on shares of Chemical Bank in a report on Tuesday, February 27th. Finally, ValuEngine upgraded Chemical Bank from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $59.17.
Chemical Bank opened at $56.64 on Friday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.92 and a current ratio of 0.92. Chemical Bank has a one year low of $56.05 and a one year high of $56.48. The firm has a market cap of $4.02 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.59 and a beta of 1.21.
Chemical Bank (NASDAQ:CHFC) last released its quarterly earnings data on Tuesday, April 24th. The bank reported $0.97 EPS for the quarter, beating the consensus estimate of $0.92 by $0.05. Chemical Bank had a return on equity of 9.10% and a net margin of 21.15%. The company had revenue of $192.42 million for the quarter, compared to analysts’ expectations of $186.62 million. equities analysts anticipate that Chemical Bank will post 3.93 EPS 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 given a dividend of $0.28 per share. The ex-dividend date is Thursday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 1.98%. Chemical Bank’s dividend payout ratio (DPR) is presently 36.60%.
In related news, Director Larry D. Stauffer sold 1,800 shares of the stock in a transaction on Friday, April 27th. The stock was sold at an average price of $56.18, for a total transaction of $101,124.00. Following the sale, the director now directly owns 14,053 shares of the company’s stock, valued at $789,497.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.40% of the company’s stock.
About Chemical Bank
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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