18,369 Shares in City Holding Company $CHCO Acquired by TrueMark Investments LLC

Key Points

• TrueMark Investments LLC acquired 18,369 shares of City Holding Company, valued at approximately $2,249,000, representing a stake of about 0.13% in the bank.
• City Holding Company reported a quarterly earnings per share of $2.29, exceeding expectations, alongside a net margin of 31.35% and a return on equity of 16.30%.
• The company announced an increase in its quarterly dividend to $0.87 per share, payable on October 31st, reflecting a yield of 2.9%.

TrueMark Investments LLC acquired a new position in shares of City Holding Company (NASDAQ:CHCO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 18,369 shares of the bank's stock, valued at approximately $2,249,000. TrueMark Investments LLC owned approximately 0.13% of City as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CHCO. Westwood Holdings Group Inc. lifted its position in City by 24.3% during the first quarter. Westwood Holdings Group Inc. now owns 631,584 shares of the bank's stock worth $74,192,000 after buying an additional 123,394 shares in the last quarter. Nuveen LLC purchased a new position in City during the first quarter worth approximately $4,883,000. Charles Schwab Investment Management Inc. lifted its position in City by 5.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 580,057 shares of the bank's stock worth $68,139,000 after buying an additional 29,302 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in City during the first quarter worth approximately $1,493,000. Finally, Jane Street Group LLC lifted its position in City by 82.3% during the first quarter. Jane Street Group LLC now owns 25,559 shares of the bank's stock worth $3,002,000 after buying an additional 11,537 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company's stock.

City Price Performance

CHCO stock opened at $119.42 on Friday. The business's fifty day moving average price is $124.65 and its 200 day moving average price is $121.34. City Holding Company has a 12-month low of $102.22 and a 12-month high of $137.28. 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 capitalization of $1.73 billion, a PE ratio of 14.37 and a beta of 0.53.

City (NASDAQ:CHCO - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.32. The company 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%. On average, sell-side analysts anticipate that City Holding Company will post 7.58 EPS for the current year.

City Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 15th will be paid a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. This is an increase from City's previous quarterly dividend of $0.79. City's payout ratio is currently 41.88%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CHCO shares. Hovde Group lifted their price objective on City from $130.00 to $136.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Zacks Research downgraded City from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Wall Street Zen cut City from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Weiss Ratings reissued a "buy (b)" rating on shares of City in a research report on Wednesday, October 8th. Finally, DA Davidson upped their target price on shares of City from $128.00 to $137.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, City presently has an average rating of "Hold" and an average target price of $133.25.

Insider Buying and Selling

In other news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.12, for a total value of $131,120.00. Following the sale, the executive vice president directly owned 1,830 shares in the company, valued at approximately $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 accessible through the SEC website. Also, EVP Jeffrey Dale Legge sold 2,500 shares of City 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 completion of the transaction, the executive vice president owned 7,037 shares of the company's stock, valued at approximately $922,269.22. This trade represents a 26.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 721 shares of company stock worth $87,518. 1.87% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.