Squarepoint Ops LLC Lowers Stock Position in City Holding Company $CHCO

Key Points

• Squarepoint Ops LLC cut its City Holding position by 73.6% in the second quarter, selling 8,097 shares and retaining 2,909 shares valued at approximately $386,000. Institutional investors collectively own 72.43% of CHCO.
• Analyst sentiment remains cautious: CHCO has a consensus “Hold” rating and an average price target of $136.50, despite Hovde Group raising its target to $143.
• City Holding reported quarterly EPS of $2.35, beating estimates of $2.23, while revenue of $81.52 million also exceeded expectations. Shares opened at $140.24, down 2.1%, and company insiders recently reported stock sales.

Squarepoint Ops LLC decreased its position in City Holding Company (NASDAQ:CHCO - Free Report) by 73.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,909 shares of the bank's stock after selling 8,097 shares during the period. Squarepoint Ops LLC's holdings in City were worth $386,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. ProShare Advisors LLC raised its holdings in City by 3.0% in the 4th quarter. ProShare Advisors LLC now owns 2,740 shares of the bank's stock worth $327,000 after purchasing an additional 81 shares during the period. Allworth Financial LP increased its position in shares of City by 294.1% in the second quarter. Allworth Financial LP now owns 201 shares of the bank's stock valued at $27,000 after buying an additional 150 shares in the last quarter. HB Wealth Management LLC increased its position in shares of City by 8.9% in the second quarter. HB Wealth Management LLC now owns 2,364 shares of the bank's stock valued at $314,000 after buying an additional 194 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of City by 6.5% during the 1st quarter. QRG Capital Management Inc. now owns 4,649 shares of the bank's stock worth $556,000 after buying an additional 282 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of City by 93.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 676 shares of the bank's stock valued at $81,000 after buying an additional 326 shares in the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CHCO. Weiss Ratings cut shares of City from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday. Hovde Group lifted their price objective on City from $135.00 to $143.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $136.50.

City Stock Down 2.1%

Shares of NASDAQ:CHCO opened at $140.24 on Tuesday. The business has a 50-day moving average price of $143.21 and a 200 day moving average price of $131.35. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 15.34 and a beta of 0.48. City Holding Company has a 12-month low of $113.21 and a 12-month high of $148.99.

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

Insider Activity

In related news, CEO Charles R. Hageboeck sold 4,485 shares of City stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $144.96, for a total value of $650,145.60. Following the completion of the transaction, the chief executive officer owned 43,998 shares in the company, valued at approximately $6,377,950.08. The trade was a 9.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sharon H. Rowe sold 400 shares of City stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total transaction of $57,584.00. Following the completion of the transaction, the director owned 10,576 shares of the company's stock, valued at $1,522,520.96. This trade represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders acquired 444 shares of company stock valued at $59,740. 1.75% of the stock is currently 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 of West Virginia, the company provides banking and financial services to consumers, businesses, and public-sector organizations.

City National Bank offers checking and savings accounts, consumer and commercial loans, residential mortgage lending, online and mobile banking, treasury management, and other deposit and credit products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.