City Holding (NASDAQ:CHCO) Position Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in shares of City Holding (NASDAQ:CHCO) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 355,940 shares of the bank’s stock after buying an additional 1,065 shares during the quarter. Geode Capital Management LLC owned about 2.42% of City worth $41,792,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CHCO. Alpha DNA Investment Management LLC acquired a new stake in shares of City in the 2nd quarter worth about $483,000. Barclays PLC increased its stake in shares of 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 purchasing an additional 16,044 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of City by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock valued at $62,044,000 after buying an additional 15,910 shares during the last quarter. Jane Street Group LLC boosted its position in shares of City by 66.6% during the third quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock worth $2,937,000 after buying an additional 9,999 shares during the period. Finally, Squarepoint Ops LLC increased its position in City by 137.5% in the 2nd quarter. Squarepoint Ops LLC now owns 10,901 shares of the bank’s stock valued at $1,158,000 after acquiring an additional 6,312 shares during the period. 72.43% of the stock is owned by institutional investors and hedge funds.

City Price Performance

NASDAQ:CHCO opened at $122.07 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. The business’s 50-day moving average price is $125.77 and its 200 day moving average price is $117.91. City Holding has a 52-week low of $97.50 and a 52-week high of $137.28. The firm has a market cap of $1.79 billion, a P/E ratio of 15.67 and a beta of 0.49.

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

City Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Wednesday, January 15th. City’s dividend payout ratio (DPR) is presently 40.56%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CHCO. Piper Sandler reissued a “neutral” rating and issued a $135.00 price target on shares of City in a research note on Friday, November 8th. Keefe, Bruyette & Woods upped their price target on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling at City

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 of the company’s stock, valued at $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 available through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of City stock in a transaction on Monday, November 25th. The shares were sold at an average price of $136.93, for a total value of $170,203.99. Following the transaction, the executive vice president now owns 28,757 shares in the company, valued at $3,937,696.01. This represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,092 shares of company stock valued at $1,196,697. 2.39% of the stock is currently owned by corporate 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.