Millennium Management LLC Lowers Position in City Holding (NASDAQ:CHCO)

Millennium Management LLC trimmed its stake in City Holding (NASDAQ:CHCO - Free Report) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 73,881 shares of the bank's stock after selling 5,556 shares during the period. Millennium Management LLC owned about 0.50% of City worth $8,753,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in City by 7.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,498 shares of the bank's stock worth $1,481,000 after purchasing an additional 893 shares in the last quarter. Barclays PLC increased its position in City by 125.3% in the 3rd quarter. Barclays PLC now owns 28,845 shares of the bank's stock valued at $3,385,000 after acquiring an additional 16,044 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of City by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank's stock worth $65,253,000 after acquiring an additional 22,226 shares during the last quarter. Apollon Wealth Management LLC acquired a new position in shares of City during the fourth quarter worth approximately $227,000. Finally, Principal Financial Group Inc. grew its stake in shares of City by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 78,010 shares of the bank's stock valued at $9,243,000 after purchasing an additional 2,726 shares during the last quarter. Institutional investors own 72.43% of the company's stock.

City Trading Down 1.1%

CHCO stock traded down $1.26 during midday trading on Friday, reaching $118.01. The stock had a trading volume of 2,744 shares, compared to its average volume of 64,654. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 14.96 and a beta of 0.52. City Holding has a twelve month low of $99.63 and a twelve month high of $137.28. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $116.72 and a two-hundred day simple moving average of $119.98.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.22. City had a return on equity of 16.49% and a net margin of 30.83%. The company had revenue of $74.55 million during the quarter, compared to the consensus estimate of $73.28 million. As a group, research analysts expect that City Holding will post 7.58 EPS for the current fiscal year.

City Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Tuesday, April 15th. City's dividend payout ratio (DPR) is currently 39.60%.

Insider Transactions at City

In other news, CFO David L. Bumgarner sold 1,058 shares of City stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $118.00, for a total value of $124,844.00. Following the completion of the transaction, the chief financial officer now owns 10,636 shares of the company's stock, valued at $1,255,048. This trade represents a 9.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $116.22, for a total transaction of $162,708.00. Following the completion of the transaction, the executive vice president now owns 2,830 shares in the company, valued at approximately $328,902.60. This represents a 33.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,899 shares of company stock valued at $339,590 in the last ninety days. 1.87% of the stock is currently owned by corporate insiders.

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.