Bank of New York Mellon Corp Acquires Shares of 113,180 City Holding Company $CHCO

Key Points

• Bank of New York Mellon acquired 113,180 shares of City Holding Company during the second quarter, valued at approximately $15.0 million and representing about 0.80% of the company. Institutional investors collectively own 72.43% of City’s stock.
• City’s CEO and a director recently sold shares, reducing their holdings by 9.25% and 3.64%, respectively. Insiders own approximately 1.75% of the company.
• City exceeded quarterly expectations, reporting $2.35 in EPS versus the $2.23 consensus estimate and $81.52 million in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $136.50, below the stock’s recent $142.24 price.

Bank of New York Mellon Corp bought a new stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 113,180 shares of the bank's stock, valued at approximately $15,012,000. Bank of New York Mellon Corp owned approximately 0.80% of City at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kestra Advisory Services LLC bought a new position in shares of City in the 4th quarter worth about $29,000. Quarry LP bought a new stake in City during the third quarter worth about $32,000. Simplex Trading LLC purchased a new position in City during the fourth quarter valued at $36,000. Geneos Wealth Management Inc. boosted its holdings in City by 113.1% in the second quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank's stock worth $46,000 after acquiring an additional 198 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in City by 463.2% in the second quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank's stock worth $52,000 after acquiring an additional 352 shares in the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Sharon H. Rowe sold 400 shares of the firm'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 transaction of $57,584.00. Following the transaction, the director directly owned 10,576 shares of the company's stock, valued at approximately $1,522,520.96. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles R. Hageboeck sold 4,485 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $144.96, for a total value of $650,145.60. Following the sale, the chief executive officer directly owned 43,998 shares in the company, valued at $6,377,950.08. This trade represents a 9.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders purchased 444 shares of company stock valued at $59,740. 1.75% of the stock is currently owned by company insiders.

City Trading Down 0.5%

Shares of NASDAQ:CHCO opened at $142.24 on Wednesday. The stock's 50-day simple moving average is $140.18 and its two-hundred day simple moving average is $129.34. 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 stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 15.56 and a beta of 0.48. City Holding Company has a 52-week low of $113.21 and a 52-week high of $148.99.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. City had a return on equity of 16.34% and a net margin of 32.58%.The business had revenue of $81.52 million during the quarter, compared to analyst estimates of $80.64 million. Analysts expect that City Holding Company will post 9.29 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CHCO. Hovde Group raised their price target on City from $135.00 to $143.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Weiss Ratings upgraded shares of City from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $136.50.

About City

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company's product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.

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