Bank of New York Mellon Corp Cuts Stock Position in City Holding Company (NASDAQ:CHCO)

Bank of New York Mellon Corp lowered its stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 3.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 140,142 shares of the bank's stock after selling 5,355 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of City worth $16,463,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Bessemer Group Inc. raised its holdings in City by 69.7% during the first quarter. Bessemer Group Inc. now owns 280 shares of the bank's stock valued at $33,000 after acquiring an additional 115 shares during the period. Sterling Capital Management LLC increased its holdings in shares of City by 781.3% in the fourth quarter. Sterling Capital Management LLC now owns 423 shares of the bank's stock worth $50,000 after purchasing an additional 375 shares during the last quarter. First United Bank & Trust bought a new stake in City during the first quarter worth approximately $78,000. PNC Financial Services Group Inc. increased its stake in City by 10.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,366 shares of the bank's stock worth $162,000 after acquiring an additional 131 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in City by 10.8% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,437 shares of the bank's stock worth $170,000 after acquiring an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company's stock.

City Stock Down 0.3%

City stock traded down $0.36 during mid-day trading on Friday, reaching $124.98. 102,236 shares of the company were exchanged, compared to its average volume of 68,333. City Holding Company has a 12-month low of $102.22 and a 12-month high of $137.28. The business has a fifty day moving average of $121.15 and a 200 day moving average of $118.38. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $1.81 billion, a P/E ratio of 15.66 and a beta of 0.54.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.22. City had a return on equity of 16.15% and a net margin of 30.62%. The company had revenue of $74.55 million for the quarter, compared to the consensus estimate of $73.28 million. Research analysts anticipate that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Tuesday, July 15th. City's payout ratio is presently 39.60%.

Insider Activity

In other City news, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $116.22, for a total value of $162,708.00. Following the completion of the transaction, the executive vice president owned 2,830 shares in the company, valued at $328,902.60. The trade was a 33.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David L. Bumgarner sold 441 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $118.00, for a total transaction of $52,038.00. Following the completion of the transaction, the chief financial officer owned 10,195 shares of the company's stock, valued at approximately $1,203,010. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,899 shares of company stock valued at $339,590. 1.87% of the stock is currently 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.