Longboard Asset Management LP Invests $211,000 in City Holding (NASDAQ:CHCO)

Longboard Asset Management LP acquired a new position in shares of City Holding (NASDAQ:CHCO) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,778 shares of the bank’s stock, valued at approximately $211,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of City by 3.1% in 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. Geode Capital Management LLC increased its holdings in shares of City by 0.3% in the third quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after purchasing an additional 1,065 shares in the last quarter. Barclays PLC boosted its stake in City by 125.3% in the third quarter. Barclays PLC now owns 28,845 shares of the bank’s stock valued at $3,385,000 after acquiring an additional 16,044 shares during the last quarter. Jane Street Group LLC boosted its stake in City by 66.6% in the third quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock valued at $2,937,000 after acquiring an additional 9,999 shares during the last quarter. Finally, Zacks Investment Management boosted its stake in City by 6.8% in the third quarter. Zacks Investment Management now owns 21,610 shares of the bank’s stock valued at $2,537,000 after acquiring an additional 1,373 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CHCO. Keefe, Bruyette & Woods raised their price objective on shares of 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 reduced their price objective on shares of City from $135.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday, January 24th.

Insider Transactions at City

In related news, CEO Charles R. Hageboeck sold 6,065 shares of the business’s stock in a transaction on 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 approximately $5,847,969.22. The trade was a 11.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of the business’s stock in a transaction on Monday, November 25th. The shares were 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 in the company, valued at $3,937,696.01. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,864 shares of company stock valued at $1,025,556 over the last three months. 2.39% of the stock is currently owned by corporate insiders.

City Trading Up 2.1 %

Shares of NASDAQ CHCO opened at $119.14 on Wednesday. The company’s fifty day moving average is $122.29 and its 200-day moving average is $120.30. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 15.10 and a beta of 0.51. City Holding has a twelve month low of $97.50 and a twelve month high of $137.28. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. Equities research analysts predict that City Holding will post 7.53 EPS for the current year.

City Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.65%. City’s dividend payout ratio is 40.05%.

City Profile

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.