Principal Financial Group Inc. Acquires 2,726 Shares of City Holding (NASDAQ:CHCO)

Principal Financial Group Inc. raised its holdings in City Holding (NASDAQ:CHCO) by 3.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,010 shares of the bank’s stock after purchasing an additional 2,726 shares during the quarter. Principal Financial Group Inc. owned 0.53% of City worth $9,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of City by 11.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,002 shares of the bank’s stock valued at $1,051,000 after buying an additional 947 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of City by 16.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,794 shares of the bank’s stock valued at $328,000 after buying an additional 400 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of City by 18.6% during the 3rd quarter. QRG Capital Management Inc. now owns 4,109 shares of the bank’s stock valued at $482,000 after buying an additional 644 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of City during the 3rd quarter valued at $199,000. Finally, Victory Capital Management Inc. lifted its position in shares of City by 1.6% during 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 last quarter. Institutional investors own 72.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler dropped their price target on City from $135.00 to $125.00 and set a “neutral” rating on the stock in a research report on Friday, January 24th. Keefe, Bruyette & Woods upped their price target on City from $120.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

City Stock Performance

Shares of CHCO opened at $118.99 on Friday. The stock’s 50-day simple moving average is $118.74 and its 200 day simple moving average is $120.42. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.08 and a beta of 0.51. 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 Holding has a 52-week low of $97.50 and a 52-week high of $137.28.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.91 by $0.03. City had a return on equity of 16.49% and a net margin of 30.83%. Research analysts forecast that City Holding will post 7.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO David L. Bumgarner sold 556 shares of City stock in a transaction dated 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 sale, the chief financial officer now owns 9,395 shares in the company, valued at approximately $1,127,400. This trade represents a 5.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles W. Fairchilds sold 500 shares of City stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $120.50, for a total value of $60,250.00. Following the sale, the director now owns 1,014 shares of the company’s stock, valued at approximately $122,187. This trade represents a 33.03 % decrease in their position. The disclosure for this sale can be found here. 2.45% of the stock is currently owned by insiders.

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.