Cerity Partners LLC Boosts Stock Holdings in City Holding (NASDAQ:CHCO)

Cerity Partners LLC lifted its stake in City Holding (NASDAQ:CHCO) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,486 shares of the bank’s stock after buying an additional 469 shares during the period. Cerity Partners LLC owned approximately 0.05% of City worth $879,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in City by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock worth $62,044,000 after acquiring an additional 15,910 shares during the last quarter. Nicholson Wealth Management Group LLC bought a new position in shares of City in the third quarter worth approximately $1,449,000. Dimensional Fund Advisors LP increased its stake in shares of City by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 550,985 shares of the bank’s stock worth $58,542,000 after buying an additional 10,740 shares during the period. Squarepoint Ops LLC raised its holdings in City by 137.5% during the 2nd quarter. Squarepoint Ops LLC now owns 10,901 shares of the bank’s stock valued at $1,158,000 after buying an additional 6,312 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in City by 6.0% during the 2nd quarter. American Century Companies Inc. now owns 87,988 shares of the bank’s stock valued at $9,349,000 after buying an additional 4,989 shares during the period. Institutional investors own 72.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CHCO shares. Piper Sandler restated a “neutral” rating and issued a $135.00 price objective on shares of City in a research report on Friday, November 8th. Keefe, Bruyette & Woods boosted their price target on City from $120.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday.

City Stock Performance

City stock opened at $130.43 on Friday. City Holding has a fifty-two week low of $97.50 and a fifty-two week high of $137.28. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 16.74 and a beta of 0.49. The stock’s 50 day simple moving average is $122.88 and its two-hundred day simple moving average is $115.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.82 and a current ratio of 0.82.

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

City Dividend Announcement

The firm 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 dividend of $0.79 per share. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.42%. City’s dividend payout ratio (DPR) is currently 40.56%.

Insider Buying and Selling

In related news, Director C Dallas Kayser sold 1,784 shares of the 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 sale, the director now directly owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. This represents a 7.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Charles R. Hageboeck sold 6,065 shares of the firm’s stock in a transaction dated 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 owns 44,974 shares of the company’s stock, valued at approximately $5,847,969.22. This represents a 11.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,092 shares of company stock valued at $1,196,697 over the last quarter. Corporate insiders own 2.45% of the company’s stock.

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.