Raymond James Financial Inc. Invests $361,000 in City Holding (NASDAQ:CHCO)

Raymond James Financial Inc. purchased a new stake in City Holding (NASDAQ:CHCO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,045 shares of the bank's stock, valued at approximately $361,000.

Several other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in City by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank's stock worth $65,253,000 after purchasing an additional 22,226 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in City by 24.2% during the fourth quarter. JPMorgan Chase & Co. now owns 262,243 shares of the bank's stock valued at $31,071,000 after buying an additional 51,055 shares during the period. Axxcess Wealth Management LLC grew its holdings in City by 0.8% in the fourth quarter. Axxcess Wealth Management LLC now owns 109,418 shares of the bank's stock worth $12,964,000 after purchasing an additional 885 shares during the last quarter. American Century Companies Inc. grew its holdings in City by 3.2% in the fourth quarter. American Century Companies Inc. now owns 92,244 shares of the bank's stock worth $10,929,000 after purchasing an additional 2,903 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in City by 3.6% in the fourth quarter. Principal Financial Group Inc. now owns 78,010 shares of the bank's stock worth $9,243,000 after purchasing an additional 2,726 shares during the last quarter. Institutional investors own 72.43% of the company's stock.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price objective on shares of City from $135.00 to $125.00 and set a "neutral" rating on the stock in a report on Friday, January 24th.

City Stock Performance

NASDAQ CHCO traded up $1.25 on Thursday, reaching $122.49. 4,122 shares of the company's stock traded hands, compared to its average volume of 59,285. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 15.49 and a beta of 0.52. The stock has a 50 day moving average price of $115.99 and a 200-day moving average price of $120.16. City Holding has a fifty-two week low of $99.63 and a fifty-two week high of $137.28. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 0.82.

City (NASDAQ:CHCO - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.06 earnings per share for the quarter, topping analysts' consensus estimates 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%. Equities research analysts predict that City Holding will post 7.58 EPS for the current fiscal year.

City Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a $0.79 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.58%. City's dividend payout ratio (DPR) is currently 39.60%.

Insiders Place Their Bets

In other news, CFO David L. Bumgarner sold 1,058 shares of the business's 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 completion of the sale, the chief financial officer now owns 10,636 shares of the company's stock, valued at $1,255,048. The trade was a 9.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James M. Parsons bought 2,200 shares of the business's stock in a transaction dated Monday, May 12th. The shares were bought at an average cost of $122.38 per share, with a total value of $269,236.00. Following the purchase, the director now directly owns 2,700 shares of the company's stock, valued at approximately $330,426. This represents a 440.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 3,069 shares of company stock worth $359,820. Company insiders own 1.87% of the company's stock.

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.