Bank of America Corp DE Trims Stock Position in City Holding (NASDAQ:CHCO)

Bank of America Corp DE lessened its position in shares of City Holding (NASDAQ:CHCO - Free Report) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 82,055 shares of the bank's stock after selling 3,474 shares during the period. Bank of America Corp DE owned approximately 0.56% of City worth $9,722,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BNP Paribas Financial Markets increased its holdings in shares of City by 56.2% in the fourth quarter. BNP Paribas Financial Markets now owns 8,484 shares of the bank's stock worth $1,005,000 after purchasing an additional 3,054 shares during the period. Northern Trust Corp grew its position in City by 2.3% during the fourth quarter. Northern Trust Corp now owns 178,962 shares of the bank's stock worth $21,203,000 after buying an additional 3,944 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in City by 117.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 42,159 shares of the bank's stock worth $4,995,000 after acquiring an additional 22,741 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of City in the 4th quarter valued at about $296,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of City during the 4th quarter valued at about $239,000. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO David L. Bumgarner sold 1,058 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $118.00, for a total value of $124,844.00. Following the completion of the sale, the chief financial officer now owns 10,636 shares of the company's stock, valued at approximately $1,255,048. This represents a 9.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael T. Quinlan, Jr. sold 1,400 shares of City stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $116.22, for a total transaction of $162,708.00. Following the completion of the transaction, the executive vice president now owns 2,830 shares in the company, valued at approximately $328,902.60. The trade was a 33.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,069 shares of company stock valued at $359,820 over the last 90 days. Insiders own 1.87% of the company's stock.

City Price Performance

Shares of CHCO stock traded up $1.22 during trading on Thursday, hitting $119.27. The company had a trading volume of 48,498 shares, compared to its average volume of 59,443. The stock's 50-day moving average is $116.72 and its two-hundred day moving average is $119.98. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 15.12 and a beta of 0.52. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21. City Holding has a 52 week low of $99.79 and a 52 week high of $137.28.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.06 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.22. The business had revenue of $74.55 million during the quarter, compared to analysts' expectations of $73.28 million. City had a net margin of 30.83% and a return on equity of 16.49%. As a group, analysts predict that City Holding will post 7.58 EPS for the current fiscal year.

City Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.65%. City's payout ratio is 39.60%.

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.