Charles Schwab Investment Management Inc. Grows Position in City Holding Company (NASDAQ:CHCO)

Charles Schwab Investment Management Inc. grew its stake in shares of City Holding Company (NASDAQ:CHCO) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 580,057 shares of the bank’s stock after purchasing an additional 29,302 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 3.94% of City worth $68,139,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CHCO. Wells Fargo & Company MN boosted its stake in shares of City by 6.5% during the fourth quarter. Wells Fargo & Company MN now owns 24,940 shares of the bank’s stock valued at $2,955,000 after purchasing an additional 1,530 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of City during the fourth quarter valued at approximately $246,000. Invesco Ltd. raised its holdings 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 acquiring an additional 594 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of City during the fourth quarter valued at approximately $361,000. Finally, Sterling Capital Management LLC raised its holdings in shares of 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 acquiring an additional 375 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the completion of the transaction, the executive vice president directly owned 1,830 shares in the company, valued at $239,949.60. This trade represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Dale Legge sold 2,500 shares of the firm’s stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $131.06, for a total value of $327,650.00. Following the transaction, the executive vice president owned 7,037 shares of the company’s stock, valued at $922,269.22. The trade was a 26.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 305 shares of company stock valued at $38,750. 1.87% of the stock is owned by corporate insiders.

City Price Performance

CHCO opened at $123.52 on Friday. The stock has a fifty day simple moving average of $122.74 and a two-hundred day simple moving average of $119.15. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 14.86 and a beta of 0.56. City Holding Company has a 12-month low of $102.22 and a 12-month high of $137.28.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.32. The business had revenue of $78.16 million during 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%. Research analysts predict that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on CHCO shares. DA Davidson upped their target price on City from $128.00 to $137.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Hovde Group upped their target price on City from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded City from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Keefe, Bruyette & Woods upped their target price on City from $125.00 to $135.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $133.25.

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.