Lazard Asset Management LLC Buys 13,073 Shares of City Holding (NASDAQ:CHCO)

Lazard Asset Management LLC raised its stake in shares of City Holding (NASDAQ:CHCOGet Rating) by 3,692.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,427 shares of the bank’s stock after purchasing an additional 13,073 shares during the period. Lazard Asset Management LLC owned 0.09% of City worth $1,072,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CHCO. Advisor Group Holdings Inc. raised its position in City by 80.4% during the 1st quarter. Advisor Group Holdings Inc. now owns 655 shares of the bank’s stock worth $52,000 after purchasing an additional 292 shares during the last quarter. KBC Group NV bought a new position in City during the 2nd quarter worth $84,000. SG Americas Securities LLC bought a new position in City during the 1st quarter worth $148,000. Nisa Investment Advisors LLC raised its position in City by 6.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,688 shares of the bank’s stock worth $212,000 after purchasing an additional 173 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in City by 7.6% during the 1st quarter. Captrust Financial Advisors now owns 2,821 shares of the bank’s stock worth $222,000 after purchasing an additional 200 shares during the last quarter. 67.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. StockNews.com assumed coverage on City in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Janney Montgomery Scott assumed coverage on City in a research report on Tuesday, September 6th. They issued a “neutral” rating and a $91.00 price objective for the company. Finally, DA Davidson reissued a “neutral” rating on shares of City in a research report on Wednesday, July 27th.

City Price Performance

Shares of City stock opened at $98.12 on Friday. City Holding has a one year low of $73.40 and a one year high of $103.00. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 15.60 and a beta of 0.55. The business has a 50-day simple moving average of $93.48 and a 200 day simple moving average of $86.40.

City (NASDAQ:CHCOGet Rating) last issued its earnings results on Tuesday, October 18th. The bank reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. City had a return on equity of 15.41% and a net margin of 38.33%. The business had revenue of $67.35 million during the quarter, compared to analyst estimates of $63.70 million. On average, sell-side analysts expect that City Holding will post 6.64 EPS for the current year.

City Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 31st. Investors of record on Friday, October 14th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.65%. This is a positive change from City’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, October 13th. City’s payout ratio is presently 41.34%.

Insider Activity at City

In related news, Director J. Thomas Jones sold 395 shares of the business’s stock in a transaction dated Friday, October 21st. The stock was sold at an average price of $100.37, for a total value of $39,646.15. Following the completion of the sale, the director now directly owns 4,459 shares of the company’s stock, valued at approximately $447,549.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other City news, CFO David L. Bumgarner sold 1,532 shares of City stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $102.15, for a total transaction of $156,493.80. Following the completion of the transaction, the chief financial officer now owns 8,473 shares in the company, valued at approximately $865,516.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J. Thomas Jones sold 395 shares of City stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $100.37, for a total value of $39,646.15. Following the transaction, the director now owns 4,459 shares of the company’s stock, valued at approximately $447,549.83. The disclosure for this sale can be found here. Insiders sold 10,233 shares of company stock valued at $1,040,843 in the last three months. Corporate insiders own 2.56% of the company’s stock.

About City

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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.

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Institutional Ownership by Quarter for City (NASDAQ:CHCO)

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