City (NASDAQ:CHCO) Sets New 52-Week Low on Insider Selling

City Holding (NASDAQ:CHCO)’s share price hit a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $114.40 and last traded at $115.87, with a volume of 73441 shares traded. The stock had previously closed at $117.47.

Specifically, CFO David L. Bumgarner sold 1,058 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $118.00, for a total transaction of $124,844.00. Following the sale, the chief financial officer now directly owns 10,636 shares in the company, valued at approximately $1,255,048. This represents a 9.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price target on shares of City from $135.00 to $125.00 and set a “neutral” rating for the company in a report on Friday, January 24th.

City Stock Up 0.5 %

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $115.68 and its 200 day simple moving average is $120.10. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 14.75 and a beta of 0.48.

City (NASDAQ:CHCO) last announced its earnings results on Wednesday, April 23rd. The bank reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.22. City had a return on equity of 16.49% and a net margin of 30.83%. The firm had revenue of $74.55 million for the quarter, compared to the consensus estimate of $73.28 million. Sell-side analysts anticipate that City Holding will post 7.58 EPS for the current fiscal year.

City Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were given a $0.79 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.71%. City’s dividend payout ratio is presently 39.60%.

Institutional Trading of City

A number of hedge funds and other institutional investors have recently made changes to their positions in CHCO. JPMorgan Chase & Co. increased its position in shares of City by 24.2% during the 4th quarter. JPMorgan Chase & Co. now owns 262,243 shares of the bank’s stock valued at $31,071,000 after purchasing an additional 51,055 shares during the period. Norges Bank acquired a new position in City during the fourth quarter worth about $5,203,000. GAMMA Investing LLC raised its position in City by 13,747.8% in the first quarter. GAMMA Investing LLC now owns 37,943 shares of the bank’s stock worth $4,457,000 after acquiring an additional 37,669 shares in the last quarter. Tudor Investment Corp ET AL lifted its holdings in City by 117.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 42,159 shares of the bank’s stock valued at $4,995,000 after acquiring an additional 22,741 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of City by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank’s stock valued at $65,253,000 after purchasing an additional 22,226 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.

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.