Cubist Systematic Strategies LLC Sells 12,602 Shares of 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 lowered its position in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 71.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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.

A number of other hedge funds also recently made changes to their positions in CHCO. Westwood Holdings Group Inc. lifted its holdings in shares of City by 24.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 631,584 shares of the bank's stock valued at $74,192,000 after acquiring an additional 123,394 shares in the last quarter. Nuveen LLC acquired a new position in shares of City during the 1st quarter valued at $4,883,000. GAMMA Investing LLC lifted its holdings in shares of City by 13,747.8% during the 1st quarter. GAMMA Investing LLC now owns 37,943 shares of the bank's stock valued at $4,457,000 after acquiring an additional 37,669 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in City by 5.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 580,057 shares of the bank's stock worth $68,139,000 after buying an additional 29,302 shares during the period. Finally, Citadel Advisors LLC increased its stake in City by 153.1% during the 4th quarter. Citadel Advisors LLC now owns 25,365 shares of the bank's stock worth $3,005,000 after buying an additional 15,342 shares during the period. Institutional investors and hedge funds own 72.43% of the company's stock.

City Trading Down 0.4%

Shares of CHCO stock traded down $0.47 during trading hours on Friday, reaching $126.10. 87,618 shares of the stock traded hands, compared to its average volume of 78,662. City Holding Company has a 1-year low of $102.22 and a 1-year high of $137.28. The business has a fifty day moving average price of $125.59 and a 200 day moving average price of $120.38. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.83 billion, a PE ratio of 15.17 and a beta of 0.57.

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

Insider Buying and Selling at City

In other City news, EVP Jeffrey Dale Legge sold 2,500 shares of the stock in a transaction 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 directly owned 7,037 shares of the company's stock, valued at $922,269.22. This represents a 26.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the stock in a transaction on 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 directly owned 1,830 shares of the company's stock, valued at approximately $239,949.60. This trade represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 305 shares of company stock valued at $38,750. 1.87% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.