Principal Financial Group Inc. Decreases Holdings in City Holding (NASDAQ:CHCO)

Principal Financial Group Inc. lowered its stake in City Holding (NASDAQ:CHCO) by 6.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,284 shares of the bank’s stock after selling 5,273 shares during the period. Principal Financial Group Inc. owned 0.51% of City worth $8,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. QRG Capital Management Inc. raised its holdings in shares of City by 18.6% in the third quarter. QRG Capital Management Inc. now owns 4,109 shares of the bank’s stock worth $482,000 after buying an additional 644 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of City by 16.7% in the third quarter. Nisa Investment Advisors LLC now owns 2,794 shares of the bank’s stock worth $328,000 after buying an additional 400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of City by 11.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,002 shares of the bank’s stock worth $1,051,000 after buying an additional 947 shares during the last quarter. Nicholson Wealth Management Group LLC acquired a new stake in shares of City in the third quarter worth $1,449,000. Finally, nVerses Capital LLC acquired a new stake in shares of City in the third quarter worth $59,000. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Insider Activity at City

In other news, CEO Charles R. Hageboeck sold 6,065 shares of City 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 owns 44,974 shares in the company, valued at $5,847,969.22. This trade represents a 11.88 % 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 C Dallas Kayser sold 1,784 shares of City stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the sale, the director now owns 23,637 shares in the company, valued at approximately $3,151,521.21. This trade represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. 2.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reiterated a “neutral” rating and issued a $135.00 price objective on shares of City in a research note on Friday, November 8th.

City Stock Down 1.1 %

NASDAQ:CHCO opened at $128.81 on Tuesday. The firm has a market capitalization of $1.89 billion, a P/E ratio of 16.54 and a beta of 0.46. City Holding has a 1-year low of $95.39 and a 1-year high of $136.51. The company’s fifty day moving average price is $119.62 and its 200-day moving average price is $113.30. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82.

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

City Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Tuesday, October 15th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Tuesday, October 15th. This is a positive change from City’s previous quarterly dividend of $0.72. City’s dividend payout ratio (DPR) is currently 40.56%.

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.