ProShare Advisors LLC Buys 70,584 Shares of City Holding Company $CHCO

Key Points

• ProShare Advisors increased its City Holding stake by 3,506.4% in the third quarter, buying 70,584 shares to hold 72,597 shares valued at about $10.1 million. Institutional investors collectively own 72.43% of the company.
• City reported quarterly earnings of $2.43 per share, beating analyst expectations of $2.36, and revenue of $84.04 million, also above estimates. The bank raised its quarterly dividend from $0.87 to $1.00 per share.
• Analysts give City a consensus “Moderate Buy” rating and an average price target of $140; recent targets from Hovde Group and Keefe, Bruyette & Woods were raised to $143 and $147, respectively.

ProShare Advisors LLC grew its stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 3,506.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,597 shares of the bank's stock after purchasing an additional 70,584 shares during the quarter. ProShare Advisors LLC owned approximately 0.52% of City worth $10,100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of CHCO. Allworth Financial LP purchased a new position in City during the second quarter worth $27,000. Archer Investment Corp acquired a new position in shares of City during the 2nd quarter valued at $49,000. Sterling Capital Management LLC lifted its position in City by 223.6% during the 3rd quarter. Sterling Capital Management LLC now owns 398 shares of the bank's stock worth $55,000 after acquiring an additional 275 shares in the last quarter. Global Retirement Partners LLC purchased a new position in City in the 2nd quarter valued at about $58,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of City by 18.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 454 shares of the bank's stock valued at $63,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CHCO shares. Hovde Group raised their price objective on City from $135.00 to $143.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of City from a "buy (a-)" rating to a "buy (a)" rating in a research note on Friday, October 16th. Finally, Keefe, Bruyette & Woods increased their target price on shares of City from $145.00 to $147.00 and gave the stock a "hold" rating in a report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $140.00.

City Stock Performance

Shares of CHCO stock opened at $142.95 on Wednesday. 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 moving average of $142.27 and a two-hundred day moving average of $131.73. 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 15.61 and a beta of 0.49.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The bank reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.07. The business had revenue of $84.04 million for the quarter, compared to analysts' expectations of $83.07 million. City had a return on equity of 16.22% and a net margin of 32.31%. As a group, analysts anticipate that City Holding Company will post 9.36 EPS for the current year.

City Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 15th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, October 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. This is an increase from City's previous quarterly dividend of $0.87. City's payout ratio is presently 43.67%.

Insider Buying and Selling

In other City news, Director Sharon H. Rowe sold 400 shares of the 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 sale, the director directly owned 10,576 shares of the company's stock, valued at $1,522,520.96. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders acquired 480 shares of company stock worth $68,222. 1.75% of the stock is owned by corporate insiders.

About City

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.

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