Envestnet Portfolio Solutions Inc. Takes Position in City Holding Company $CHCO

Key Points

• Envestnet Portfolio Solutions Inc. has entered a new position in City Holding Company by acquiring 3,318 shares valued at approximately $406,000 during the second quarter.
• City Holding Company's stock price recently opened at $122.47, with a market capitalization of $1.77 billion and a PE ratio of 14.74.
• The company announced an increase in its quarterly dividend from $0.79 to $0.87, which will be paid to stockholders on October 31st.

Envestnet Portfolio Solutions Inc. acquired a new stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,318 shares of the bank's stock, valued at approximately $406,000.

Several other hedge funds have also recently made changes to their positions in CHCO. Westwood Holdings Group Inc. raised its holdings in shares of City by 24.3% during the first quarter. Westwood Holdings Group Inc. now owns 631,584 shares of the bank's stock valued at $74,192,000 after purchasing an additional 123,394 shares during the last quarter. Nuveen LLC purchased a new position in shares of City during the first quarter valued at approximately $4,883,000. Charles Schwab Investment Management Inc. raised its holdings in shares of City by 5.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 580,057 shares of the bank's stock valued at $68,139,000 after purchasing an additional 29,302 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of City during the first quarter valued at approximately $1,493,000. Finally, Jane Street Group LLC raised its holdings in shares of City by 82.3% during the first quarter. Jane Street Group LLC now owns 25,559 shares of the bank's stock valued at $3,002,000 after purchasing an additional 11,537 shares during the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

City Stock Performance

Shares of NASDAQ CHCO opened at $122.47 on Thursday. The firm has a fifty day moving average price of $124.61 and a 200-day moving average price of $121.47. 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 cap of $1.77 billion, a PE ratio of 14.74 and a beta of 0.53. City Holding Company has a 1 year low of $102.22 and a 1 year high of $137.28.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $2.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.26. The firm had revenue of $81.26 million during the quarter, compared to analysts' expectations of $80.17 million. City had a net margin of 31.35% and a return on equity of 16.30%. Equities analysts anticipate that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be paid a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from City's previous quarterly dividend of $0.79. The ex-dividend date of this dividend is Wednesday, October 15th. City's dividend payout ratio is currently 41.88%.

Analyst Upgrades and Downgrades

CHCO has been the subject of a number of research reports. Zacks Research cut shares of City from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 23rd. Wall Street Zen cut shares of City from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of City in a report on Wednesday, October 8th. Hovde Group upped their target price on shares of City from $130.00 to $136.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, DA Davidson upped their target price on shares of City from $128.00 to $137.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, City has a consensus rating of "Hold" and an average target price of $133.25.

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.

Want to see what other hedge funds are holding CHCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for City Holding Company (NASDAQ:CHCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.