City Holding Co. Reduces Holdings in City Holding (NASDAQ:CHCO)

City Holding Co. lowered its position in City Holding (NASDAQ:CHCO) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 263,262 shares of the bank’s stock after selling 2,344 shares during the quarter. City makes up about 4.3% of City Holding Co.’s investment portfolio, making the stock its largest holding. City Holding Co. owned 1.78% of City worth $30,904,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of City by 95.8% during the second quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock worth $25,000 after acquiring an additional 113 shares during the period. Bessemer Group Inc. raised its holdings in shares of City by 90.7% during the 1st quarter. Bessemer Group Inc. now owns 1,270 shares of the bank’s stock worth $132,000 after buying an additional 604 shares in the last quarter. SG Americas Securities LLC bought a new position in City in the 1st quarter valued at approximately $180,000. Intech Investment Management LLC acquired a new stake in City during the 2nd quarter worth approximately $208,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of City by 4.5% during the second quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank’s stock valued at $226,000 after acquiring an additional 91 shares during the last quarter. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Charles R. Hageboeck sold 7,244 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $123.62, for a total transaction of $895,503.28. Following the transaction, the chief executive officer now directly owns 45,974 shares of the company’s stock, valued at $5,683,305.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Charles R. Hageboeck sold 7,244 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $123.62, for a total transaction of $895,503.28. Following the transaction, the chief executive officer now directly owns 45,974 shares of the company’s stock, valued at $5,683,305.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director J. Thomas Jones sold 569 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $122.47, for a total transaction of $69,685.43. Following the sale, the director now owns 4,411 shares of the company’s stock, valued at $540,215.17. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,413 shares of company stock worth $1,149,561 in the last quarter. 2.45% of the stock is owned by corporate insiders.

City Stock Performance

Shares of City stock opened at $114.13 on Wednesday. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 14.36 and a beta of 0.47. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.22. City Holding has a twelve month low of $86.56 and a twelve month high of $125.54. The company’s fifty day moving average is $115.95 and its 200 day moving average is $109.24.

City (NASDAQ:CHCO) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.08. City had a net margin of 32.12% and a return on equity of 17.42%. The firm had revenue of $94.90 million during the quarter, compared to analyst estimates of $73.20 million. Sell-side analysts forecast that City Holding will post 7.73 EPS for the current year.

City Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.77%. This is a boost from City’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Tuesday, October 15th. City’s dividend payout ratio is presently 39.75%.

City Company 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.