Bank of New York Mellon Corp Cuts Stock Position in City Holding (NASDAQ:CHCO)

Bank of New York Mellon Corp reduced its position in City Holding (NASDAQ:CHCO) by 0.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 145,497 shares of the bank’s stock after selling 321 shares during the quarter. Bank of New York Mellon Corp owned 0.99% of City worth $17,238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in City during the 4th quarter valued at about $255,000. Principal Financial Group Inc. lifted its holdings in City by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 78,010 shares of the bank’s stock worth $9,243,000 after buying an additional 2,726 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in City in the 4th quarter worth approximately $662,000. Kentucky Trust Co purchased a new stake in City in the 4th quarter worth approximately $465,000. Finally, Polaris Capital Management LLC lifted its holdings in City by 71.6% in the 4th quarter. Polaris Capital Management LLC now owns 13,895 shares of the bank’s stock worth $1,646,000 after buying an additional 5,800 shares during the period. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Piper Sandler dropped their price objective on City from $135.00 to $125.00 and set a “neutral” rating for the company in a report on Friday, January 24th. Keefe, Bruyette & Woods increased their target price on City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity at City

In related news, CFO David L. Bumgarner sold 556 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $120.00, for a total transaction of $66,720.00. Following the completion of the transaction, the chief financial officer now owns 9,395 shares of the company’s stock, valued at $1,127,400. This trade represents a 5.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles W. Fairchilds sold 500 shares of City stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $120.50, for a total value of $60,250.00. Following the completion of the sale, the director now directly owns 1,014 shares of the company’s stock, valued at approximately $122,187. The trade was a 33.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,226 shares of company stock valued at $147,200 in the last 90 days. Corporate insiders own 2.45% of the company’s stock.

City Stock Down 0.1 %

Shares of NASDAQ:CHCO opened at $114.54 on Wednesday. City Holding has a 52-week low of $97.50 and a 52-week high of $137.28. The firm has a market capitalization of $1.68 billion, a P/E ratio of 14.52 and a beta of 0.48. The stock has a 50 day moving average price of $118.04 and a 200-day moving average price of $120.59. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 0.82.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.03. City had a return on equity of 16.49% and a net margin of 30.83%. As a group, equities research analysts anticipate that City Holding will post 7.58 EPS for the current fiscal year.

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.