31,520 Shares of City Holding Company $CHCO Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 31,520 shares of City Holding Company in the second quarter, worth approximately $4.18 million and representing about 0.22% of the company. Institutional investors collectively own 72.43% of City’s stock.
• Analysts maintain a generally neutral outlook, with a consensus rating of “Hold” and an average price target of $136.50; Hovde Group raised its target to $143.
• City exceeded quarterly earnings expectations, reporting $2.35 in EPS versus the $2.23 consensus and $81.52 million in revenue. Shares recently traded at $139.97, while the CEO and a director disclosed stock sales.

Bank of America Corp DE acquired a new stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 31,520 shares of the bank's stock, valued at approximately $4,181,000. Bank of America Corp DE owned approximately 0.22% of City as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Allworth Financial LP bought a new stake in City in the second quarter worth $27,000. Global Retirement Partners LLC bought a new stake in City during the second quarter worth approximately $58,000. Geneos Wealth Management Inc. raised its position in City by 93.1% during the first quarter. Geneos Wealth Management Inc. now owns 676 shares of the bank's stock valued at $81,000 after purchasing an additional 326 shares during the period. GAMMA Investing LLC raised its position in City by 38.5% during the second quarter. GAMMA Investing LLC now owns 1,197 shares of the bank's stock valued at $159,000 after purchasing an additional 333 shares during the period. Finally, Ledgewood Wealth Advisors LLC bought a new stake in shares of City in the 2nd quarter valued at approximately $202,000. Institutional investors own 72.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CHCO shares. Hovde Group lifted their target price on City from $135.00 to $143.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Weiss Ratings lowered City from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, September 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, City has a consensus rating of "Hold" and an average price target of $136.50.

Insider Transactions at City

In other City news, Director Sharon H. Rowe sold 400 shares of the business's stock in a transaction dated 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 sale, the director directly owned 10,576 shares of the company's stock, valued at $1,522,520.96. The trade was a 3.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles Hageboeck sold 4,485 shares of the company's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $144.96, for a total transaction of $650,145.60. Following the completion of the transaction, the chief executive officer owned 43,998 shares in the company, valued at $6,377,950.08. This represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have purchased a total of 444 shares of company stock valued at $59,740 in the last quarter. 1.75% of the stock is currently owned by company insiders.

City Trading Down 1.4%

Shares of NASDAQ CHCO opened at $139.97 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50 day moving average price is $143.67 and its 200-day moving average price is $132.10. City Holding Company has a fifty-two week low of $113.21 and a fifty-two week high of $148.99. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 15.31 and a beta of 0.48.

City (NASDAQ:CHCO - Get Free Report) last released its earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $81.52 million for the quarter, compared to analyst estimates of $80.64 million. City had a return on equity of 16.34% and a net margin of 32.58%. On average, sell-side analysts expect that City Holding Company will post 9.32 earnings per share for the current year.

About City

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

City National Bank offers checking and savings accounts, consumer and commercial loans, residential mortgage lending, online and mobile banking, treasury management, and other deposit and credit products.

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