Zurcher Kantonalbank Zurich Cantonalbank Trims Position in City Holding Company (NASDAQ:CHCO)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of City Holding Company (NASDAQ:CHCO) by 8.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,275 shares of the bank’s stock after selling 300 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in City were worth $385,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Northern Trust Corp boosted its position in shares of City by 2.3% during the fourth quarter. Northern Trust Corp now owns 178,962 shares of the bank’s stock valued at $21,203,000 after purchasing an additional 3,944 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of City by 3.4% during the first quarter. Principal Financial Group Inc. now owns 80,645 shares of the bank’s stock valued at $9,473,000 after purchasing an additional 2,635 shares in the last quarter. Invesco Ltd. boosted its position in shares of City by 0.8% during the fourth quarter. Invesco Ltd. now owns 76,100 shares of the bank’s stock valued at $9,016,000 after purchasing an additional 594 shares in the last quarter. First Trust Advisors LP boosted its position in shares of City by 7.9% during the fourth quarter. First Trust Advisors LP now owns 53,225 shares of the bank’s stock valued at $6,306,000 after purchasing an additional 3,902 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of City by 9.4% during the fourth quarter. Nuveen Asset Management LLC now owns 42,743 shares of the bank’s stock valued at $5,064,000 after purchasing an additional 3,688 shares in the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wall Street Zen lowered City from a “hold” rating to a “sell” rating in a research report on Saturday. DA Davidson boosted their target price on City from $128.00 to $137.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Hovde Group boosted their target price on City from $130.00 to $136.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on City from $125.00 to $135.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $133.25.

City Trading Up 1.2%

Shares of NASDAQ:CHCO opened at $120.30 on Friday. The company has a market cap of $1.74 billion, a P/E ratio of 14.48 and a beta of 0.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.81 and a quick ratio of 0.83. City Holding Company has a 1 year low of $102.22 and a 1 year high of $137.28. The stock’s fifty day moving average price is $122.32 and its 200-day moving average price is $119.04.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.32. The firm had revenue of $78.16 million for the quarter, compared to the consensus estimate of $76.10 million. City had a return on equity of 16.30% and a net margin of 31.35%. Sell-side analysts expect that City Holding Company will post 7.58 earnings per share for the current year.

City Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, July 15th. City’s dividend payout ratio is presently 38.03%.

Insider Activity at City

In related news, EVP Jeffrey Dale Legge sold 2,500 shares of the company’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.06, for a total transaction of $327,650.00. Following the completion of the sale, the executive vice president owned 7,037 shares in the company, valued at approximately $922,269.22. This represents a 26.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the company’s stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $131.12, for a total value of $131,120.00. Following the sale, the executive vice president owned 1,830 shares of the company’s stock, valued at approximately $239,949.60. This trade represents a 35.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 2,505 shares of company stock worth $307,986. 1.87% of the stock is owned by insiders.

About City

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.