Raymond James & Associates Takes $610,000 Position in City Holding (NASDAQ:CHCO)

Raymond James & Associates purchased a new stake in shares of City Holding (NASDAQ:CHCO) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,532 shares of the bank’s stock, valued at approximately $610,000.

Several other institutional investors have also made changes to their positions in CHCO. Charles Schwab Investment Management Inc. lifted its holdings in City by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,782 shares of the bank’s stock worth $35,940,000 after purchasing an additional 16,123 shares during the last quarter. SG Americas Securities LLC acquired a new stake in City in the 3rd quarter worth approximately $806,000. State Board of Administration of Florida Retirement System increased its position in City by 205.3% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 13,189 shares of the bank’s stock worth $1,192,000 after buying an additional 8,869 shares during the period. Illinois Municipal Retirement Fund bought a new position in City in the 3rd quarter worth approximately $762,000. Finally, Los Angeles Capital Management LLC bought a new position in City in the 3rd quarter worth approximately $407,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.

City Stock Performance

CHCO opened at $106.14 on Thursday. The stock has a market cap of $1.58 billion, a PE ratio of 13.95 and a beta of 0.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. City Holding has a 1 year low of $82.53 and a 1 year high of $115.89. The stock’s 50 day simple moving average is $101.66 and its 200-day simple moving average is $101.04.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.06). City had a net margin of 33.31% and a return on equity of 18.62%. The company had revenue of $86.10 million during the quarter, compared to the consensus estimate of $72.50 million. Sell-side analysts forecast that City Holding will post 7.43 EPS for the current year.

City Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Friday, April 12th. City’s dividend payout ratio (DPR) is 37.58%.

Insider Buying and Selling at City

In other City news, CEO Charles R. Hageboeck sold 8,899 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total value of $898,799.00. Following the sale, the chief executive officer now directly owns 53,218 shares in the company, valued at $5,375,018. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other City news, EVP John A. Derito sold 1,309 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the transaction, the executive vice president now owns 28,620 shares of the company’s stock, valued at $2,897,775. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles R. Hageboeck sold 8,899 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total value of $898,799.00. Following the completion of the transaction, the chief executive officer now directly owns 53,218 shares in the company, valued at approximately $5,375,018. The disclosure for this sale can be found here. Insiders have sold 10,808 shares of company stock worth $1,094,935 over the last three months. Company insiders own 2.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on CHCO shares. Stephens lifted their price target on City from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 25th. Piper Sandler boosted their price objective on City from $103.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 1st.

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.