Bank of New York Mellon Corp Sells 5,355 Shares of City Holding Company (NASDAQ:CHCO)

Bank of New York Mellon Corp trimmed its stake in shares of City Holding Company (NASDAQ:CHCO) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,142 shares of the bank’s stock after selling 5,355 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.95% of City worth $16,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. grew its position in City by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 80,645 shares of the bank’s stock worth $9,473,000 after acquiring an additional 2,635 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in City by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,981 shares of the bank’s stock worth $1,408,000 after buying an additional 1,340 shares during the period. Bessemer Group Inc. lifted its holdings in City by 69.7% in the 1st quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock worth $33,000 after buying an additional 115 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in City by 6.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,651 shares of the bank’s stock worth $546,000 after buying an additional 301 shares during the period. Finally, QRG Capital Management Inc. lifted its holdings in City by 18.4% in the 1st quarter. QRG Capital Management Inc. now owns 4,468 shares of the bank’s stock worth $525,000 after buying an additional 693 shares during the period. 72.43% of the stock is currently owned by institutional investors.

Insider Activity at City

In other City news, Director James M. Parsons purchased 2,200 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average cost of $122.38 per share, with a total value of $269,236.00. Following the transaction, the director directly owned 2,700 shares in the company, valued at approximately $330,426. The trade was a 440.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David L. Bumgarner sold 1,058 shares of City stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $118.00, for a total transaction of $124,844.00. Following the transaction, the chief financial officer directly owned 10,636 shares of the company’s stock, valued at approximately $1,255,048. This trade represents a 9.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,899 shares of company stock valued at $339,590 in the last three months. Company insiders own 1.87% of the company’s stock.

City Trading Down 0.3%

NASDAQ CHCO opened at $124.98 on Friday. City Holding Company has a fifty-two week low of $102.22 and a fifty-two week high of $137.28. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50 day simple moving average of $121.15 and a two-hundred day simple moving average of $118.38. The stock has a market cap of $1.81 billion, a P/E ratio of 15.66 and a beta of 0.54.

City (NASDAQ:CHCO) last released its earnings results on Wednesday, April 23rd. The bank reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.22. The company had revenue of $74.55 million during the quarter, compared to analysts’ expectations of $73.28 million. City had a return on equity of 16.15% and a net margin of 30.62%. On average, analysts forecast that City Holding Company will post 7.58 earnings per share for the current year.

City Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Tuesday, July 15th. City’s payout ratio is presently 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.