Cubist Systematic Strategies LLC Cuts Position in City Holding Company $CHCO

Key Points

• Cubist Systematic Strategies LLC significantly reduced its stake in City Holding Company (CHCO) by 71% in Q1, leaving them with 5,141 shares worth approximately $604,000.
• City Holding Company recently reported earnings of $2.29 per share, surpassing analysts' expectations of $1.97, along with a net margin of 31.35% and a strong return on equity of 16.30%.
• Recent analyst ratings for City Holding Company have varied, with Hovde Group raising the target price to $136, while Wall Street Zen downgraded the stock from "hold" to "sell".

Cubist Systematic Strategies LLC lessened its stake in City Holding Company (NASDAQ:CHCO - Free Report) by 71.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,141 shares of the bank's stock after selling 12,602 shares during the quarter. Cubist Systematic Strategies LLC's holdings in City were worth $604,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC lifted its stake in City by 43.9% during the first quarter. CWM LLC now owns 282 shares of the bank's stock worth $33,000 after purchasing an additional 86 shares during the last quarter. 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 worth $33,000 after purchasing an additional 115 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of 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 buying an additional 140 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of City by 2.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,247 shares of the bank's stock worth $977,000 after buying an additional 235 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of City by 0.4% in the 1st quarter. Invesco Ltd. now owns 76,397 shares of the bank's stock valued at $8,974,000 after buying an additional 297 shares in the last quarter. 72.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CHCO has been the topic of several research analyst reports. DA Davidson lifted their price target on shares of City from $128.00 to $137.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Wall Street Zen lowered City from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Keefe, Bruyette & Woods boosted their target price on City from $125.00 to $135.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, Hovde Group upped their target price on City from $130.00 to $136.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, City presently has an average rating of "Hold" and a consensus target price of $133.25.

Insiders Place Their Bets

In related news, EVP Jeffrey Dale Legge sold 2,500 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $131.06, for a total transaction of $327,650.00. Following the completion of the transaction, the executive vice president directly owned 7,037 shares of the company's stock, valued at $922,269.22. This represents a 26.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $131.12, for a total transaction of $131,120.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 305 shares of company stock valued at $38,750. 1.87% of the stock is owned by insiders.

City Stock Performance

City stock traded down $1.41 during mid-day trading on Tuesday, reaching $123.80. 76,844 shares of the company were exchanged, compared to its average volume of 76,785. The firm's 50-day simple moving average is $125.48 and its two-hundred day simple moving average is $120.49. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28. The firm has a market cap of $1.79 billion, a PE ratio of 14.90 and a beta of 0.57. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.81 and a current ratio of 0.81.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $2.29 EPS for the quarter, topping 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 business had revenue of $78.16 million during the quarter, compared to analysts' expectations of $76.10 million. Equities analysts predict that City Holding Company will post 7.58 earnings per share for the current fiscal year.

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.