McKinley Carter Wealth Services Inc. Sells 2,502 Shares of City Holding Company $CHCO

Key Points

• McKinley Carter Wealth Services Inc. has reduced its ownership in City Holding Company by 15.4%, selling 2,502 shares, and now holds approximately 0.09% of the company, valued at $1,679,000.
• City Holding Company increased its quarterly dividend from $0.79 to $0.87 per share, representing a 2.9% dividend yield.
• Analysts have mixed ratings for City Holding Company, with a consensus rating of "Hold" and a price target averaging $133.25 after several upgrades and downgrades.

McKinley Carter Wealth Services Inc. cut its position in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 15.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,715 shares of the bank's stock after selling 2,502 shares during the quarter. McKinley Carter Wealth Services Inc. owned approximately 0.09% of City worth $1,679,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Westwood Holdings Group Inc. grew its holdings in City by 24.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 631,584 shares of the bank's stock worth $74,192,000 after acquiring an additional 123,394 shares during the last quarter. Nuveen LLC purchased a new stake in shares of City during the first quarter worth about $4,883,000. Charles Schwab Investment Management Inc. boosted 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 worth $68,139,000 after purchasing an additional 29,302 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of City in the first quarter worth about $1,493,000. Finally, Jane Street Group LLC increased its holdings in City by 82.3% during the 1st 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 period. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CHCO shares. Hovde Group lifted their price objective on City from $130.00 to $136.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. 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. Wall Street Zen downgraded shares of City from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Keefe, Bruyette & Woods boosted their price objective on shares of City from $125.00 to $135.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. Finally, Zacks Research downgraded shares of City from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $133.25.

City Price Performance

Shares of CHCO opened at $121.40 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.81 and a current ratio of 0.81. The firm's 50-day simple moving average is $124.73 and its two-hundred day simple moving average is $121.27. City Holding Company has a fifty-two week low of $102.22 and a fifty-two week high of $137.28. The stock has a market cap of $1.76 billion, a PE ratio of 14.61 and a beta of 0.53.

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

City Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.87 per share. The ex-dividend date is Wednesday, October 15th. This is a boost from City's previous quarterly dividend of $0.79. This represents a $3.48 annualized dividend and a dividend yield of 2.9%. City's dividend payout ratio is 41.88%.

Insider Transactions at City

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 sale, the executive vice president directly owned 7,037 shares of the company's stock, valued at approximately $922,269.22. This represents a 26.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of City stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the completion of the transaction, the executive vice president directly owned 1,830 shares of the company's stock, valued at $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. In the last quarter, insiders purchased 305 shares of company stock worth $38,750. 1.87% of the stock is currently owned by company insiders.

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.

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