Mutual of America Capital Management LLC Lowers Stock Holdings in City Holding (NASDAQ:CHCO)

Mutual of America Capital Management LLC cut its holdings in City Holding (NASDAQ:CHCO) by 8.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,212 shares of the bank’s stock after selling 215 shares during the quarter. Mutual of America Capital Management LLC’s holdings in City were worth $260,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its stake in City by 4.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank’s stock valued at $226,000 after purchasing an additional 91 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in City by 1.4% during the second quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the bank’s stock worth $786,000 after acquiring an additional 100 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of City by 95.8% in the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock valued at $25,000 after purchasing an additional 113 shares during the last quarter. Victory Capital Management Inc. raised its holdings in City by 1.6% in the 3rd quarter. Victory Capital Management Inc. now owns 8,676 shares of the bank’s stock valued at $1,018,000 after buying an additional 137 shares during the period. Finally, Inspire Investing LLC increased its position in shares of City by 6.8% during the third quarter. Inspire Investing LLC now owns 3,493 shares of the bank’s stock valued at $410,000 after acquiring an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Price Performance

City stock opened at $132.12 on Friday. The company has a fifty day simple moving average of $121.55 and a 200-day simple moving average of $114.48. The stock has a market cap of $1.94 billion, a P/E ratio of 16.96 and a beta of 0.46. City Holding has a 12-month low of $95.39 and a 12-month high of $137.28. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 EPS for the quarter, topping the consensus estimate of $1.92 by $0.10. The firm 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%. Equities analysts expect that City Holding will post 7.84 EPS for the current fiscal year.

City Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be issued a $0.79 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.39%. City’s payout ratio is 40.56%.

Analyst Ratings Changes

Separately, Piper Sandler restated a “neutral” rating and set a $135.00 target price on shares of City in a report on Friday, November 8th.

Insiders Place Their Bets

In other City 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 transaction of $788,631.95. Following the sale, the chief executive officer now directly owns 44,974 shares in the company, valued at approximately $5,847,969.22. The trade was a 11.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John A. Derito sold 1,243 shares of City stock in a transaction that occurred 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 sale, the executive vice president now 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,092 shares of company stock valued at $1,196,697. 2.45% of the stock is owned by company insiders.

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.