JPMorgan Chase & Co. Trims Stock Holdings in City Holding (NASDAQ:CHCO)

JPMorgan Chase & Co. lowered its stake in shares of City Holding (NASDAQ:CHCO) by 5.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 211,188 shares of the bank’s stock after selling 11,372 shares during the period. JPMorgan Chase & Co. owned 1.44% of City worth $24,791,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CHCO. Barclays PLC increased its stake in 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 acquiring an additional 16,044 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new position in shares of City in the 2nd quarter worth about $483,000. Franklin Resources Inc. boosted its holdings in shares of City by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 9,362 shares of the bank’s stock worth $1,116,000 after purchasing an additional 404 shares in the last quarter. Jane Street Group LLC increased its position in shares of City by 66.6% during the 3rd quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock valued at $2,937,000 after purchasing an additional 9,999 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of City by 3.1% during the 3rd 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 in the last quarter. 72.43% of the stock is owned by institutional investors.

Insider Activity at City

In other news, Director C Dallas Kayser sold 1,784 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the sale, the director now directly owns 23,637 shares in the company, valued at $3,151,521.21. This represents a 7.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction on Friday, November 15th. The shares were sold at an average price of $130.03, for a total value of $788,631.95. Following the transaction, 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 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 ninety days. Insiders own 2.45% of the company’s stock.

City Price Performance

Shares of CHCO stock opened at $116.96 on Thursday. The business’s fifty day moving average is $126.04 and its 200 day moving average is $119.08. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 15.01 and a beta of 0.51. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. City Holding has a twelve month low of $97.50 and a twelve month high of $137.28.

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

City Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 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 2.70%. The ex-dividend date is Wednesday, January 15th. City’s payout ratio is currently 40.56%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CHCO shares. Keefe, Bruyette & Woods upped their price objective on shares of City from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. 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.

City 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.