City Holding (NASDAQ:CHCO) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in City Holding (NASDAQ:CHCO) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,055 shares of the bank’s stock after selling 3,474 shares during the period. Bank of America Corp DE owned about 0.56% of City worth $9,722,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CHCO. Sterling Capital Management LLC increased its stake in City by 781.3% during the fourth quarter. Sterling Capital Management LLC now owns 423 shares of the bank’s stock valued at $50,000 after purchasing an additional 375 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of City by 710.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 462 shares of the bank’s stock valued at $56,000 after acquiring an additional 405 shares during the period. KBC Group NV boosted its holdings in shares of City by 60.3% during the fourth quarter. KBC Group NV now owns 843 shares of the bank’s stock valued at $100,000 after acquiring an additional 317 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of City by 10.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,366 shares of the bank’s stock valued at $162,000 after acquiring an additional 131 shares during the period. Finally, Longboard Asset Management LP acquired a new position in shares of City during the fourth quarter valued at $211,000. Institutional investors own 72.43% of the company’s stock.

Wall Street Analysts Forecast Growth

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.

Insider Buying and Selling

In other City news, CFO David L. Bumgarner sold 1,058 shares of the company’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $118.00, for a total value of $124,844.00. Following the completion of the sale, the chief financial officer now directly owns 10,636 shares of the company’s stock, valued at approximately $1,255,048. This represents a 9.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James M. Parsons purchased 2,200 shares of the business’s stock in a transaction on Monday, May 12th. The stock was acquired at an average cost of $122.38 per share, with a total value of $269,236.00. Following the completion of the acquisition, the director now directly owns 2,700 shares in the company, valued at $330,426. The trade was a 440.00% increase in their position. The disclosure for this purchase can be found here. Insiders sold 3,069 shares of company stock valued at $359,820 over the last 90 days. 1.87% of the stock is currently owned by company insiders.

City Stock Performance

CHCO stock opened at $118.16 on Friday. The company has a market capitalization of $1.71 billion, a P/E ratio of 14.98 and a beta of 0.52. The company has a 50-day simple moving average of $116.69 and a 200 day simple moving average of $120.34. City Holding has a fifty-two week low of $99.63 and a fifty-two week high of $137.28. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21.

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

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.67%. The ex-dividend date was Tuesday, April 15th. City’s payout ratio is currently 39.60%.

City 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.