13,385 Shares of City Holding Company $CHCO Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments initiated a position in City Holding, buying 13,385 shares valued at approximately $1.86 million, or about 0.10% of the company.
• City reported quarterly EPS of $2.43, beating analysts’ $2.36 estimate, and revenue of $84.04 million, also above expectations.
• The company raised its quarterly dividend from $0.87 to $1.00 per share, equivalent to $4.00 annually and a 2.8% yield. Analysts’ consensus rating is “Moderate Buy,” with a $140 average price target.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of City Holding Company (NASDAQ:CHCO - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,385 shares of the bank's stock, valued at approximately $1,862,000. Mirae Asset Global Investments Co. Ltd. owned 0.10% of City at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. ProShare Advisors LLC boosted its position in City by 3,506.4% in the 3rd quarter. ProShare Advisors LLC now owns 72,597 shares of the bank's stock valued at $10,100,000 after buying an additional 70,584 shares during the period. Choreo LLC increased its position in shares of City by 15.5% during the third quarter. Choreo LLC now owns 2,194 shares of the bank's stock worth $305,000 after acquiring an additional 295 shares during the period. Sterling Capital Management LLC increased its position in shares of City by 223.6% during the third quarter. Sterling Capital Management LLC now owns 398 shares of the bank's stock worth $55,000 after acquiring an additional 275 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of City by 18.8% in the third quarter. Nisa Investment Advisors LLC now owns 454 shares of the bank's stock valued at $63,000 after acquiring an additional 72 shares in the last quarter. Finally, Dupree Financial Group LLC raised its stake in shares of City by 59.3% in the third quarter. Dupree Financial Group LLC now owns 2,551 shares of the bank's stock valued at $355,000 after acquiring an additional 950 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CHCO. Keefe, Bruyette & Woods lifted their target price on City from $145.00 to $147.00 and gave the company a "hold" rating in a report on Tuesday, October 27th. Hovde Group upped their price target on City from $135.00 to $143.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Weiss Ratings lowered City from a "buy (a)" rating to a "buy (a-)" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, City presently has an average rating of "Moderate Buy" and a consensus target price of $140.00.

City Stock Down 0.4%

City stock opened at $141.49 on Friday. City Holding Company has a 1-year low of $113.21 and a 1-year high of $148.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $1.99 billion, a PE ratio of 15.45 and a beta of 0.49. The stock's fifty day moving average is $142.18 and its two-hundred day moving average is $132.03.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The bank reported $2.43 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.07. City had a net margin of 32.31% and a return on equity of 16.34%. The firm had revenue of $84.04 million during the quarter, compared to analysts' expectations of $83.07 million. On average, sell-side analysts expect that City Holding Company will post 9.37 EPS for the current fiscal year.

City Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, October 15th. This is a positive change from City's previous quarterly dividend of $0.87. City's payout ratio is 43.67%.

Insider Activity at City

In other City news, EVP Jeffrey Legge sold 512 shares of City stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $145.30, for a total value of $74,393.60. Following the transaction, the executive vice president directly owned 7,656 shares in the company, valued at approximately $1,112,416.80. This trade represents a 6.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sharon H. Rowe sold 400 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the transaction, the director directly owned 10,576 shares in the company, valued at approximately $1,522,520.96. The trade was a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders acquired a total of 480 shares of company stock worth $68,222 over the last quarter. Company insiders own 1.75% of the company's stock.

About City

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.

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