City Holding Co. Lowers Stake in City Holding (NASDAQ:CHCO)

City Holding Co. reduced its position in shares of City Holding (NASDAQ:CHCO) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 258,822 shares of the bank’s stock after selling 4,440 shares during the quarter. City accounts for approximately 4.3% of City Holding Co.’s holdings, making the stock its biggest position. City Holding Co.’s holdings in City were worth $30,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Barclays PLC increased its position in City by 125.3% in the third quarter. Barclays PLC now owns 28,845 shares of the bank’s stock worth $3,385,000 after buying an additional 16,044 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new stake in City in the 2nd quarter worth approximately $483,000. Franklin Resources Inc. increased its holdings in City by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 9,362 shares of the bank’s stock worth $1,116,000 after acquiring an additional 404 shares in the last quarter. Jane Street Group LLC raised its stake in City by 66.6% during the 3rd quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock worth $2,937,000 after acquiring an additional 9,999 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in City by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock valued at $62,044,000 after purchasing an additional 15,910 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Insider Buying and Selling at City

In related news, CEO Charles R. Hageboeck sold 6,065 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $130.03, for a total value of $788,631.95. Following the sale, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at $5,847,969.22. This represents a 11.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the completion of the sale, the executive vice president now directly owns 28,757 shares of the company’s stock, valued at approximately $3,937,696.01. The trade was a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,092 shares of company stock worth $1,196,697 over the last ninety days. Company insiders own 2.39% of the company’s stock.

City Stock Up 0.6 %

Shares of CHCO opened at $119.68 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 15.36 and a beta of 0.51. City Holding has a 1 year low of $97.50 and a 1 year high of $137.28. The business’s 50 day simple moving average is $125.32 and its 200-day simple moving average is $119.78.

City (NASDAQ:CHCO) last released its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 EPS for the quarter, beating the consensus estimate of $1.92 by $0.10. City had a net margin of 31.18% and a return on equity of 16.60%. The business had revenue of $98.40 million during the quarter, compared to analyst estimates of $73.90 million. As a group, equities analysts expect that City Holding will post 7.84 earnings per share for the current fiscal year.

City Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be given a $0.79 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 annualized dividend and a yield of 2.64%. City’s dividend payout ratio is currently 40.56%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CHCO. Keefe, Bruyette & Woods lifted their target price on City from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler restated a “neutral” rating and set a $135.00 target price on shares of City in a research report on Friday, November 8th.

About City

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.