Public Sector Pension Investment Board Raises Position in City Holding Company $CHCO

Key Points

• The Public Sector Pension Investment Board increased its stake in City Holding Company (NASDAQ:CHCO) by 27.0% during the first quarter, now owning 46,576 shares valued at approximately $5.47 million.
• City Holding reported earnings of $2.29 EPS for the last quarter, exceeding analysts' expectations of $1.97, with revenues reaching $78.16 million.
• The company announced a quarterly dividend of $0.79 per share, which represents an annualized yield of 2.6% and a dividend payout ratio of 38.03%.

Public Sector Pension Investment Board increased its holdings in City Holding Company (NASDAQ:CHCO - Free Report) by 27.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,576 shares of the bank's stock after buying an additional 9,901 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of City worth $5,471,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CHCO. Bessemer Group Inc. raised its stake in City by 69.7% during the 1st quarter. Bessemer Group Inc. now owns 280 shares of the bank's stock worth $33,000 after acquiring an additional 115 shares during the period. CWM LLC raised its stake in City by 43.9% during the 1st quarter. CWM LLC now owns 282 shares of the bank's stock worth $33,000 after acquiring an additional 86 shares during the period. Sterling Capital Management LLC raised its stake in City by 781.3% during the 4th quarter. Sterling Capital Management LLC now owns 423 shares of the bank's stock worth $50,000 after acquiring an additional 375 shares during the period. First United Bank & Trust bought a new stake in City during the 1st quarter worth approximately $78,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in City by 10.8% during the 4th 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 period. Institutional investors own 72.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of City from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Hovde Group boosted their price target on shares of City from $130.00 to $136.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods boosted their price target on shares of City from $125.00 to $135.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Finally, DA Davidson boosted their price target on shares of City from $128.00 to $137.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $133.25.

Insider Transactions at City

In other news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president owned 1,830 shares of the company's stock, valued at approximately $239,949.60. The trade was a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Dale Legge sold 2,500 shares of City stock in a transaction that occurred 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 sale, the executive vice president owned 7,037 shares in the company, 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 three months, insiders have bought 305 shares of company stock valued at $38,750. Corporate insiders own 1.87% of the company's stock.

City Price Performance

NASDAQ CHCO traded up $0.07 during mid-day trading on Tuesday, hitting $123.39. The stock had a trading volume of 63,495 shares, compared to its average volume of 101,000. The firm's 50 day moving average is $122.99 and its 200 day moving average is $119.25. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 14.85 and a beta of 0.56.

City (NASDAQ:CHCO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 EPS for the quarter, beating the consensus estimate of $1.97 by $0.32. City had a return on equity of 16.30% and a net margin of 31.35%.The firm had revenue of $78.16 million during the quarter, compared to the consensus estimate of $76.10 million. Equities research analysts forecast that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, July 15th. City's dividend payout ratio (DPR) is presently 38.03%.

About City

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.