Man Group plc Invests $3.56 Million in City Holding Company $CHCO

Key Points

• Man Group plc acquired 26,827 shares of City Holding Company in the second quarter, worth approximately $3.56 million and representing about 0.19% of the bank.
• City exceeded quarterly expectations, reporting $2.35 in EPS versus the $2.23 estimate and revenue of $81.52 million versus the $80.64 million consensus.
• Despite a recent price-target increase to $143, analysts maintain a consensus “Hold” rating with an average target of $136.50; City shares recently traded at $142.95.

Man Group plc purchased a new stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 26,827 shares of the bank's stock, valued at approximately $3,558,000. Man Group plc owned approximately 0.19% of City at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP bought a new stake in City during the 2nd quarter valued at about $27,000. Kestra Advisory Services LLC purchased a new position in City in the 4th quarter worth approximately $29,000. Quarry LP bought a new position in City in the 3rd quarter valued at approximately $32,000. Simplex Trading LLC purchased a new stake in City during the 4th quarter valued at $36,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of City by 113.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank's stock worth $46,000 after purchasing an additional 198 shares in the last quarter. Institutional investors own 72.43% of the company's stock.

City Trading Down 0.4%

City stock opened at $142.95 on Tuesday. City Holding Company has a 52-week low of $113.21 and a 52-week high of $148.99. The company has a market cap of $2.01 billion, a P/E ratio of 15.64 and a beta of 0.48. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $139.93 and a two-hundred day simple moving average of $129.22.

City (NASDAQ:CHCO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The company had revenue of $81.52 million for the quarter, compared to the consensus estimate of $80.64 million. City had a net margin of 32.58% and a return on equity of 16.34%. Analysts predict that City Holding Company will post 9.29 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CHCO. Weiss Ratings raised City from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, August 24th. Hovde Group upped their target price on shares of City from $135.00 to $143.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $136.50.

Insider Activity at City

In other news, CEO Charles R. Hageboeck sold 4,485 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $144.96, for a total value of $650,145.60. Following the completion of the sale, the chief executive officer directly owned 43,998 shares in the company, valued at $6,377,950.08. This represents a 9.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sharon H. Rowe sold 400 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the transaction, the director directly owned 10,576 shares in the company, valued at approximately $1,522,520.96. This represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders acquired 444 shares of company stock worth $59,740 over the last quarter. Insiders own 1.75% of the company's stock.

City Company Profile

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company's product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.

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